In this inaugural episode of the Coinbase Advanced podcast, we break down one of the most confusing macro environments in modern history as crypto sentiment snaps back amid Middle East negotiations. The conversation explores the blurring lines between risk-on and risk-off assets, the systemic security threats posed by Anthropic’s new Mythos AI model, and recent DeFi contagion events involving Kelp DAO and Aave. We also dive into the evolution of the "Everything Exchange," examining how the introduction of 24/7 equity perpetuals, commodities trading, and institutional bitcoin accumulation are fundamentally altering the market structure for active traders.

(00:00 - 04:38) Coinbase introduces its new monthly series for advanced traders alongside a look at shifting macro sentiment and the SEC’s new podcast.
(04:38 - 09:07) Scott Melker discusses the breakdown of traditional "risk-off" assets and why current market conditions are the most confusing in history.
(09:07 - 15:02) The team analyzes the security risks of Anthropic’s Mythos AI model and recent DeFi exploits that highlight the danger of "unknown unknowns" in smart contracts.
(15:02 - 17:24) Moheeth breaks down Coinbase Advanced data showing a surge in spot volume and a widening base of unique active traders.
(17:24 - 21:07) A deep dive into bitcoin accumulation trends, institutional "strong hands" taking over retail supply, and the significance of whale wallet movements.
(21:07 - 31:21) The conversation shifts to the growth of derivatives, including USDC open interest rewards and the transition of Coinbase into a full-stack trading venue.
(31:21 - 37:32) Scott and Moheeth explore the disruptive potential of 24/7 equity perpetuals and how 100x leverage on everything will gamify global markets.
(37:32 - 41:17) The episode concludes with a look at diversifying trade flows into altcoins and commodities like gold and silver as traders seek an edge in volatile markets.

Speakers:
David Duong, CFA — Global Head of Investment Research (X: DavidDuong)
Moheeth Alvi — Product Lead, Coinbase Advanced (X: @MoheethR)
Scott Melker — The Wolf of Wall Street (X: scottmelker)

Additional disclaimer:
Listed futures and swaps are offered via Coinbase Financial Markets (“CFM”). CFM is a Futures Commission Merchant (FCM) registered with the National Futures Association (NFA), and regulated by the Commodity Futures Trading Commission (CFTC). Our offerings are available only to US residents. Trading in futures and options involves substantial risks. You should only trade in financial products that you are familiar with and understand the associated risks, and after carefully considering whether such trading is suitable in light of your investment experience, financial position, and investment objectives.

Please note, not all products, such as equity perpetual contracts would be available to customers in all jurisdictions.

Introducing the Coinbase Advanced Podcast