Coinbase Institutional 🛡️

A new era in institutional crypto trading has arrived. The future of finance is here, and it’s on Coinbase Prime.

Get early access to insights like these from our research team’s Market Commentary on a weekly basis by subscribing to Coinbase One (if you haven’t already) ↓ coinbase.com/one?utm_source… For immediate access to the reports Coinbase Research team publishes on a weekly, monthly, and quarterly basis, visit our Research and Insights page: coinbase.com/institutional/…

Inflation is back, limiting crypto’s liquidity rally potential. Key Takeaways: • Hotter CPI and PPI forced markets to reprice inflation risk. • Real wages and sentiment fell; jobless claims remain low. • Crypto upside exists, but beta expansion likely requires improved liquidity or lower inflation. What could be the next driving force: fading inflation, a new regulatory catalyst, or something else?

Read more about it here: coinbase.com/blog/coinbase-…

Coinbase x @HyperliquidX is a major step for institutional onchain markets. This move reinforces USDC as core settlement infrastructure for always-on, deeply liquid markets. The thesis: capital should be instantly transferable, 24/7.

Get early access to these and other key insights in this Crypto Market Positioning report by subscribing to Coinbase One – if you haven’t already ↓ coinbase.com/one?utm_source…

Open interest up. Volume down. Now what? Open interest across options, term futures, and perps rose in April, while volumes declined. Positioning appears to be rebuilding, but without the euphoric burst of leverage or liquidity that typically defines speculative excess. Short-term holder Spent Output Profit Ratio (SOPR) for $BTC & $ETH moved back into positive territory, while options skew turned more constructive, indicating recent buyers are again realizing profits and upside demand has improved. However, BTC funding remains subdued/negative, and ETH funding has only recovered toward neutral, suggesting the recovery is not being driven by aggressive long perp leverage.

Regulation sets the foundation, but adoption builds the fortress. @iampaulgrewal explains why the most important work in crypto isn't just happening in courtrooms, but in the marketplace. Building products people love shapes the policy conversation and is the ultimate safeguard for our industry.

State of Crypto Miami brought together institutional thought-leaders across product and policy from Michael @saylor, @iampaulgrewal , and the Coinbase Institutional team. Key Takeaways: 1. Demand drives regulation: Once the industry establishes clear market structure rules, the focus will be on driving adoption. 2. TradFi Instruments, DeFi Scale: By wrapping bitcoin in regulated instruments, asset issuers are working to scale capital markets beyond the limits of TradFi. 3. The Institutional Operating System is here: We’re building the tools that let investors move from conversation to action. Prime is your one-stop shop for institutional crypto.

Listen to what our research team thinks should be top-of-mind this week, as well as the most impactful market news, wherever you get your podcasts. Apple: podcasts.apple.com/us/podcast/cir… Spotify: open.spotify.com/episode/2nhKAf…

Crypto’s Infrastructure Test: You’re going to use crypto and not even know it. In this week’s Markets Podcast, we unpack a market being pulled in two directions: improving crypto fundamentals, from stablecoin infrastructure to ETF demand and Ethereum staking, against a macro backdrop that became more complicated after a hotter CPI print. Key topics include: • Arc announcement: why a stablecoin issuer building an internet financial infrastructure matters. • Bitcoin after CPI: how the market reacted to the hotter inflation print and why. • Signal hierarchy: how ETF flows, onchain data, options positioning, and technicals can help frame the setup. • Ethereum’s valuation: why tighter float and stronger holder preference may support ETH’s long-term case. Are crypto’s improving internal fundamentals enough to offset a more difficult macro environment?

Learn all about it here: youtube.com/watch?v=_Sn0eA…

Today, managing your finances means juggling multiple systems, logins, passwords, and more. We can do better. That’s why we're building the Everything Exchange: a unified platform for all your financial transactions, powered by tokenization.

The future of finance shouldn’t add complexity; it should reduce it. Coinbase’s vision: one platform to research, trade, collateralize, and borrow, all through tokenized assets. Our Head of Strategy @johnjdagostino breaks it down on @ThinkCryptoPod

From institutional adoption to global payments, the infrastructure is maturing. @brian__foster joined Robbie Mitchnick and Meera Jessa on @AladdinbyBLK's Never Done podcast to talk about how Coinbase is building solutions to bring the next wave of institutions onchain.

Read our complete Q1 earnings update here: s27.q4cdn.com/397450999/file…

ICYMI: Our Q1 2026 financial results are now live. Coinbase demonstrated resilience with strong market share in trading and growth in stablecoins, while remaining the leading crypto custodian globally. Here are the highlights: → $294B in crypto assets under custody, more than any other platform → 169% growth in derivatives trading volumes, YoY → >1/4 of USDC circulating supply was held in Coinbase products → $136M in institutional transaction revenue → ~9% of global trading market share, with the largest crypto spot trading market share in the U.S. We’re building the "Everything Exchange" to give institutions, retail, and onchain builders a full infrastructure stack—from trusted custody and trading liquidity to stablecoins and payments. This is how we are scaling our business and how Coinbase is powering the future of finance.

Watch @bretttejpaul on stage at @MilkenInstitute Global Conference talk infrastructure and payments and what institutions need for mainstream adoption of digital assets: milkeninstitute.org/content-hub/ev…

Financial-system infrastructure is undergoing radical change. And early adopters are poised to reap the rewards as activity migrates onchain.

A meaningful step toward more integrated, cross-asset market structure. Institutions can now gain exposure to traditional stores of value while benefitting from the speed, accessibility, and efficiency of crypto-native rails. Learn more here: coinbase.com/blog/the-futur…

See how COIN50 tracks the crypto market: coinbase.com/coin50

Bitsensor (TAO) saw the month’s biggest decline (-18%) as a major subnet operator exited the network and liquidated their TAO holdings amid accusations about governance centralization.

The broad crypto market (as represented by the COIN50 Index) returned 11.05% in April, led by strong gains in both $BTC (+16%) and $ETH (+14%) as an easing of geopolitical tensions helped foster a risk-on move across markets. Bitcoin ETFs saw net inflows of around $1.7B, the highest figure since October 2025. In our monthly COIN50 recap, we review market performance, catalysts, and more. ↓