---
title: "DACM Insights: What’s driving markets in 2026 with Coinbase — DACM"
description: A specialist digital asset investment manager running liquid directional and venture strategies for wholesale and professional investors since 2018.
image: https://www.dacm.io/hubfs/Imported_Blog_Media/14.png
---

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Conversations 14 January 2026

# DACM Insights: What’s driving markets in 2026 with Coinbase

Richard Galvin

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In conversation with David Duong, Head of Institutional Research at Coinbase

In this episode of DACM Insights, Richard Galvin sits down with David Duong, Head of Institutional Research at Coinbase, to discuss the structural shifts reshaping crypto markets in 2025 and beyond. David shares his framework for calling 2025's market bottom, explains why Bitcoin's four-year cycle thesis is flawed, and reveals how institutional liquidity is driving a generational transfer of Bitcoin ownership from OG holders to new market participants. We explore the explosive growth potential of stablecoins ($1.2T by 2028), the coming tokenization revolution in traditional finance, and why the “K-shaped economy” could fundamentally change crypto adoption patterns.

*Guest: David Duong, Head of Institutional Research, Coinbase.*

Insights are issued by DACM Australia Pty Ltd (ABN 50 624 214 777), Corporate Authorised Representative No. 001293214 of Quay Wholesale Fund Services Pty Ltd (AFSL 528526), and are directed to wholesale and professional investors only. They are general information and market commentary, not personal advice, and do not take account of your objectives, financial situation or needs. Each insight reflects the views of its author or speakers on the date shown on it. For a recording, that is the date it was recorded or, where that is not known, the date it was first published. Insights are not updated after that date, may no longer reflect DACM's views, and statements in them about future matters are opinions based on assumptions that may prove incorrect. References to digital assets, protocols and projects are not a recommendation to acquire, hold or dispose of them, and DACM funds and personnel may hold positions in them. Nothing here is an offer or invitation to acquire an interest in any fund. Past performance is not a reliable indicator of future performance. [Read the full important information](https://www.dacm.io/important-information).

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DACM Australia Pty Ltd (ABN 50 624 214 777), Corporate Authorised Representative No. 001293214 of Quay Wholesale Fund Services Pty Ltd (ACN 647 044 602, AFSL 528526), Suite 3701, Level 37, 1 Macquarie Place, Sydney NSW 2000, telephone 1300 114 980. Digital Asset Capital Management Inc., c/o Folio Trust Limited, PO Box 800, Road Town, Tortola, British Virgin Islands.

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For wholesale clients in Australia and professional investors elsewhere. Not directed to US persons or to the public in the British Virgin Islands. General information only: not personal advice, and not an offer or invitation to acquire an interest in any fund. Past performance is not a reliable indicator of future performance. Digital assets are high risk and you may lose the whole amount invested. [Read the Important Information](https://www.dacm.io/important-information).

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