Why the First Half of 2026 Will Decide the Next Crypto Cycle w/ David Duong

Watch on YouTube ↗  |  January 11, 2026 at 14:00  |  10:08  |  Milk Road Daily
Speakers
David Duong — Head of Institutional Research, Coinbase

Summary

David Duong explains why the first half of 2026 is likely the key window for the next crypto cycle. He is constructive on crypto and risk assets, citing expected Fed rate cuts, stronger US productivity, improving liquidity, and better regulatory and ETF conditions. He expects market-structure legislation to benefit altcoins more than Bitcoin and sees digital asset treasuries evolving into a block-space commodity model.

  • David Duong is constructive on the first half of 2026 for crypto and risk assets.
  • Expected Fed rate cuts and sidelined capital are seen as liquidity catalysts.
  • Market-structure legislation could be more helpful for altcoins than Bitcoin.
  • Faster ETF approvals and private wealth access may bring institutional funds.
  • DATs are expected to evolve into a DAT 2.0 block-space procurement model.
  • China's Bitcoin miner crackdown is noted as a market-structure complication.
  • The clip ends as the host introduces privacy and AI crypto trends.
Ideas
David Duong Head of Institutional Research, Coinbase 4:43
Regulatory clarity benefits altcoins over Bitcoin
The SEC shortened ETF approval timelines from 270 days to 75 days, and many altcoins have existing futures markets on Coinbase longer than six months, creating a viable path to ETF approval. At the same time, private wealth platforms like Vanguard and Bank of America are starting to let clients access crypto ETFs. This should bring more liquidity and funds into crypto through institutional channels, which is good for price.
ALTCOINS Crypto ETFs HIGH
David Duong Head of Institutional Research, Coinbase 7:38
DATs evolve into block-space commodity model
DATs will iterate into a new 2.0 model rather than repeat the 2025 cycle. Instead of simply procuring crypto, digital asset treasury vehicles may move toward professional trading and storage procurement of sovereign block space. Block space is becoming a valuable commodity because stablecoin payments and tokenized real-world assets and equities will transact on-chain, making some block spaces more valuable than others. This could resemble commodity trading firms that hedge natural exposure and then speculate on the curve. He thinks this may start in 2026, though not immediately.
DATS MED
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This Milk Road Daily video, published January 11, 2026, features David Duong discussing ALTCOINS, Crypto ETFs, DATS. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: David Duong  · Tickers: ALTCOINS, Crypto ETFs, DATS