John D’Agostino, Coinbase's Head of Institutional Strategy, appeared on CNBC Tuesday to weigh in on the market volatility.D’Agostino emphasized that while the decline looks large in dollar terms, it’s typical volatility on a percentage basis for crypto.Asked about Strategy Inc (NASDAQ:MSTR) , D’Agostino, whose firm acts as a primary custodian for Strategy’s Bitcoin, said “I’ve seen no evidence that Saylor is not telling the truth,” pushing back against rumors of forced selling at the world’s largest corpora ...

Core Insights - U.S. stocks may experience renewed selling pressure as trend-following funds reduce exposure, which could also impact Bitcoin and other cryptocurrencies if risk appetite declines [1][6] Group 1: Market Conditions - Goldman Sachs indicates that market stress remains high and liquidity is thin, increasing the risk of volatility despite a recent rebound in equities [2] - The S&P 500 has breached a short-term level prompting Commodity Trading Advisers (CTAs) to sell, with an estimated $33 billion in U.S. equities expected to be sold this week [3] - If the selloff continues, Goldman models suggest an additional $80 billion in selling could occur over the next month [3] Group 2: Selling Pressure and Strategies - Even if markets stabilize, CTAs are expected to remain net sellers, potentially reducing equity exposure in both flat and rising market scenarios [4] - Stress indicators have sharply increased, with Goldman's internal Panic Index nearing levels associated with extreme fear [4] - A shift in options dealer positioning towards "short gamma" could exacerbate market movements, forcing dealers to buy into rallies and sell into declines [5] Group 3: Implications for Bitcoin and Crypto - Sustained volatility in U.S. stocks may spill over into crypto markets, which are viewed as high-risk assets during macroeconomic stress [6] - Thin liquidity and rising volatility could amplify price swings in digital assets, where leverage plays a significant role in short-term price movements [7] - The ongoing market turbulence has reignited discussions about Bitcoin's role as a store of value, with some investors favoring it over gold in the current environment [8]

Core Viewpoint - Bitcoin has erased all its price gains since the election of U.S. President Donald Trump, indicating a potential for further declines as liquidity is expected to remain low in the near future [1] Group 1 - Bitcoin's price has reverted to levels prior to the election of Donald Trump, highlighting significant volatility in the cryptocurrency market [1] - The current market conditions suggest that liquidity will remain thin, which could exacerbate price declines for Bitcoin [1]

A U.S. advisory urging American citizens to “leave Iran now” is circulating again online, adding another layer of headline risk to a crypto market already wobbling on high volatility and forced liquidations. Officials have since clarified the warning itself is not new and was first issued in mid-January. Still, the timing matters. The advisory is resurfacing just as the U.S. and Iran prepare to hold nuclear talks in Oman on Friday, with President Donald Trump publicly warning Iran’s Supreme Leader Ayatoll ...

Nomura Holdings pushed back against suggestions it is losing confidence in crypto, saying tighter risk controls at its Laser Digital unit are designed to limit short-term earning swings while it focuses on longer-term strategies, the bank told CoinDesk in emailed comments on Wednesday. “Given the nature of the crypto-asset business, we recognize that a certain level of earnings volatility is inherent, and we recognize the importance of taking a medium- to long-term perspective,” the bank said. “At the sam ...

Market Overview - The broader crypto market is experiencing significant selling pressure, with daily liquidations exceeding $250 million ahead of the U.S. GDP data release on December 23 [1][2] - The overall crypto market capitalization has decreased by 2.46% to $2.96 trillion, reflecting heightened volatility [2] - Bitcoin's price has declined by 2.4% to $87,546 after facing rejection at $90,000, while Ethereum and other altcoins have also seen similar corrections [1][2] Investor Sentiment - The Crypto Fear & Greed Index has dropped to 24, indicating extreme fear among investors [3] - Despite the price declines, total crypto derivatives open interest has increased by 1.1% to $129 billion, suggesting that traders are maintaining elevated positions amid uncertainty [3] Market Dynamics - Buying pressure in the crypto market is weakening, with both trading activity and network participation showing signs of slowdown [5] - Active address counts are sharply declining, indicating reduced network engagement, which may require additional time for the market to stabilize and recover [6] Upcoming Economic Indicators - Key U.S. GDP data is set to be released on December 23, followed by weekly jobless claims on December 24, with U.S. markets closed on December 25 for the Christmas holiday [4] - China's M2 money supply data will be released on December 26, adding another macroeconomic variable for market assessment [4]

Group 1 - Crypto markets were on edge ahead of President Trump's primetime address, with significant Ethereum movements indicating potential selling pressure [1][4] - Trump's address introduced a new macro "event risk" for the crypto market, as the lack of specified topics created uncertainty [2][3] - High-profile political speeches can trigger volatility in crypto markets by influencing expectations around the dollar, interest rates, and market regulation [3][6] Group 2 - A notable whale exited a position of 10,169 ETH, valued at approximately $29.7 million, just hours before Trump's address, indicating potential market implications [4][5] - On-chain data showed that Ether was trading at $3,014, reflecting a 1.8% increase, while Bitcoin was at $90,051, up 2.51% in the past 24 hours [5] - Large holders, or "crypto whales," can significantly impact liquidity and price action, especially around major events, with their movements interpreted as either bearish or bullish signals [6][7]

Summary of Coinbase Global FY Conference Call Company Overview - **Company**: Coinbase Global (NasdaqGS:COIN) - **Date**: December 10, 2025 - **Focus**: Cryptocurrency trading platform and services Key Points Market Volatility and Trading Activity - Recent trading activity in the crypto market has been volatile, influenced by macroeconomic factors such as tariffs announced by Trump, changes in Federal Reserve rates, and a poor price feed from a major exchange leading to significant liquidations [3][4] - The largest liquidation event in crypto history occurred, with $19 billion liquidated, primarily affecting non-U.S. exchanges [4] - Coinbase has seen positive net inflows into ETFs, indicating a potential stabilization in the market, with Bitcoin prices around $80,000 to $85,000 [5][6] Market Structure and Leverage - The U.S. has regulatory rules around leverage in contracts, but many non-regulated market participants operate with higher leverage, which can lead to market instability [7][8] - Coinbase maintains a conservative approach to leverage, with no significant losses reported in their credit book [10][11] Regulatory Environment - The regulatory landscape for crypto has shifted positively, with the Clarity for Payment Stablecoins Act passed, providing clearer rules for stablecoin issuance and usage [12][13] - The Clarity Act is expected to enhance market participation and innovation, potentially increasing competition for Coinbase [15][16] Business Development and Competition - Coinbase is actively pursuing acquisitions to enhance its capabilities, focusing on talent, products, and licenses [20][21] - The acquisition of Deribit, a leading options platform, aims to integrate options trading into Coinbase's offerings, enhancing capital efficiency for users [22][23] Institutional Offerings - Coinbase's institutional business has grown significantly, with over a third of the top 100 hedge funds as clients and an 80% market share in ETF custody [24][25] - The platform is positioned to serve new clients, including governments looking to acquire Bitcoin as a strategic reserve asset [27] USDC and Stablecoin Usage - Demand for USDC is growing among both retail and institutional clients, primarily used for liquidity and arbitrage across trading pairs [31][32] - Regulatory clarity has allowed Coinbase to offer rewards on stablecoin usage, differentiating it from traditional interest payments [34] Credit Card Launch - Coinbase has launched a credit card offering up to 4% Bitcoin back, aimed at customer acquisition and increasing engagement with the Coinbase One membership [35][36] Business Management Through Cycles - Coinbase has developed strong scenario planning and risk management strategies to navigate through crypto market cycles, ensuring operational efficiency and profitability [37][38] Additional Insights - The integration of options and futures trading is expected to enhance Coinbase's competitive position in the market [22][23] - The focus on regulatory clarity and institutional offerings positions Coinbase for growth as the crypto market matures [14][16][24]

Core Insights - The cryptocurrency market is experiencing significant volatility, with Bitcoin and Ethereum seeing substantial declines, leading to billions in value being erased [1][2][3] - Bitcoin dropped as much as 6% to below $86,000, while Ethereum fell over 7% to around $2,800, indicating a broader market downturn [1][8] - The recent slump follows a period of instability that began with the liquidation of $19 billion in leveraged bets in early October, shortly after Bitcoin reached an all-time high of over $126,000 [2][10] Market Performance - Bitcoin lost 16.7% of its value in November, marking its second-worst month of 2025, despite recovering some gains last week [2][6] - The overall market saw Bitcoin decline over 19% from June to December 1, with other cryptocurrencies like Solana and Dogecoin experiencing losses between 15% and over 45% [6][10] - The market had previously rallied due to institutional inflows, ETF launches, and network upgrades, but the fourth quarter has seen a swift reversal in fortunes [5][6] Investor Sentiment - Market sentiment remains fragile as traders brace for further volatility, with a noted lack of dip buyers and meager inflows into Bitcoin exchange-traded funds [6][10] - Risk appetite has diminished across global markets, impacting equities and cryptocurrencies alike, as indicated by the recent performance of Asian stocks [6][7] Leverage Concerns - High levels of leverage in the cryptocurrency market, with some exchanges offering up to 200x leverage, pose a risk for violent liquidations during price swings [10][11] - The predominantly retail-driven nature of the crypto market contributes to instability, as retail investors react differently compared to institutional investors [11][12]

Core Viewpoint - The crypto market is preparing for significant volatility due to the upcoming expiry of over $15 billion in Bitcoin, Ethereum, and XRP options, amidst a backdrop of 'extreme fear' sentiment among traders [1]. Group 1: Bitcoin Market Insights - Bitcoin price has rebounded by more than 10% in a week, driven by buy-the-dip sentiment and seasonal trends between Thanksgiving and Christmas [2]. - More than 147,000 BTC options, with a notional value of $13.42 billion, are set to expire, indicating a positive sentiment with a put-call ratio of 0.56 [3]. - The max pain price for Bitcoin is at $100,000, with a put/call ratio of 1.12 suggesting bearish sentiment among options traders [5]. Group 2: Ethereum Market Insights - Over 574,000 ETH options, with a notional value of $1.73 billion, are set to expire, showing a put-call ratio of 0.48, indicating positive sentiment among traders [8]. - The max pain price for Ethereum is at $3,400, which is higher than the current market price of $3,014, suggesting expectations of a rebound [8]. Group 3: Market Conditions and Sentiment - The crypto market is experiencing liquidity shrinkage and a surge in realized losses, leading to expectations of a potential selloff [6]. - Bitcoin's trading volume has decreased by 30% over the past 24 hours, reflecting cautious behavior among traders [7]. - The overall market sentiment remains defensive, with futures deleveraging and weak demand [6].