Ethereum Supply Shock + BlackRock Staking = Massive Setup

Watch on YouTube ↗  |  April 12, 2026 at 13:00  |  10:57  |  Milk Road Macro
Speakers
David Duong — Head of Institutional Research at Coinbase

Summary

David Duong analyzes Ethereum's potential supply shock driven by BlackRock's staking ETF and upcoming issuance discussions, highlighting a bullish setup for ETH. He also discusses Bitcoin's resilience compared to other asset classes, suggesting it could attract institutional cash amid market instability. The conversation covers how crypto, particularly ETH and Bitcoin, may be misunderstood and poised for repricing.

  • Ethereum supply dynamics impacted by BlackRock's staked ETH ETF locking up supply.
  • Upcoming ETHCC talk on Ethereum issuance and long-term monetary policy.
  • Bitcoin demonstrates resilience by tracking the dollar and holding steady.
  • Institutional interest in crypto as a safe haven during geopolitical concerns.
  • Discussion on seller exhaustion in Bitcoin and crypto enhancing stability.
  • Comparison of crypto's performance to other assets like gold and equities.
  • Analysis of global liquidity and crypto's role in absorbing it.
  • Potential narrative shift supporting crypto as a digital commodity.
Trade Ideas
David Duong Head of Institutional Research at Coinbase 0:56
ETH supply shock from staking and issuance.
BlackRock's staked ETH ETF intends to stake 70-95% of ETH holdings, making them a structural buyer and locking up supply from active circulation, combined with potential issuance changes from an upcoming ETHCC talk on Ethereum's monetary policy, leading to a supply shock that is not yet priced into ETH.
ETH HIGH
David Duong Head of Institutional Research at Coinbase 5:59
Bitcoin resilient amid instability, attracting cash.
Bitcoin has shown resilience by tracking the dollar higher and holding steady amid market instability, with sellers likely exhausted after recent months, making it attractive for institutions to park cash as a narrative shift supports crypto as a more stable asset class compared to others.
BTC MED
Up Next
7:37
Nation's Top Banks Set to Release Earnings After Weak Quarter
Bloomberg Markets · Apr 12
8:02
Orban's Fate Uncertain As Voting Continues
Bloomberg Markets · Apr 12
12:13
Inside the American Startups Trying to Break China's Mineral Chokehold
Bloomberg Markets · Apr 12
3:27
Arm CEO Says AI Is 'Much Bigger' Than the Internet Shift
Bloomberg Markets · Apr 12
4:15
How Water Bonds Could Help More Funding Flow Into Africa
Bloomberg Markets · Apr 12

This Milk Road Macro video, published April 12, 2026, features David Duong discussing ETH, BTC. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: David Duong  · Tickers: ETH, BTC