ETFs, L2 Economics, Onchain Analytics & More: Institutional Insights from David Han

Fundamentals

In this episode, we’re joined by David Han, Institutional Research Analyst at Coinbase, to discuss the latest market trends, onchain developments, and David's journey into the crypto space. Our conversation covers the purpose of Coinbase’s research team, the state of onchain analysis, and more specifically how important access to verifiable onchain analytics is. We speak about the state of Bitcoin and Ethereum ETFs, and where the difference in traction stems from. We touch on Bitcoin dominance, and dive into Ethereum’s current scaling roadmap and address how the L2 roadmap might be slightly extractive to ETH.

We move on to speak about tokenization, and real-world assets, where David shares insights from his previous role at Goldman Sachs, where he was part of the team developing a tokenization platform, and we speak about the hurdles faced by institutional adoption of blockchain technology. David also discusses underutilized onchain metrics, the need for quality filters, his creation of custom metrics to serve this need, the overall state of the crypto market outside of just BTC and ETH, and what aspects of growth on L1s like Solana and TON investors should be focusing on.

Tune in for a great discussion on the Fundamentals of everything onchain.

David Han on X: https://x.com/0xdavidhan

Coinbase Institutional on X: https://x.com/CoinbaseInsto

Coinbase Institutional Research: https://www.coinbase.com/institutional/research-insights

ETH and the Rise of L2s: https://www.coinbase.com/en-sg/institutional/research-insights/research/market-intelligence/eth-and-the-rise-of-l2s

Interpreting Token Inflation: https://www.coinbase.com/en-sg/institutional/research-insights/research/market-intelligence/interpreting-token-inflation

Measures of Adoption in the EVM (H-index): https://www.coinbase.com/en-sg/institutional/research-insights/research/market-intelligence/measures-of-adoption-in-the-evm

Timestamps:

00:00 Introduction

00:43 David Han's Journey into Crypto

03:40 Role and Focus of Coinbase's Research Team

06:00 Importance of Onchain Analytics

08:39 Challenges in Comparing Crypto and TradFi Metrics

09:59 Underutilized Onchain Metrics: Quality Filters & The H-index

13:49 How Project Teams Should Aim to Showcase Their Onchain Data

17:47 Bitcoin vs. Ethereum ETFs: Institutional Perspectives

27:20 Institutional Investment in ETH vs. BTC

28:13 Bitcoin Dominance and Market Trends

31:35 Ethereum's Evolving Narrative and L2 Impact

36:02 Tokenization: Leanings from Goldman’s Digital Assets Team

44:57 Token Inflation and Market Dynamics

52:07 Emerging Trends on Solana and TON

54:11 Conclusion and Upcoming Research

Make sure to leave a comment if you have any questions 🙌

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