The Bitcoin Signal That Preceded Every Major Rally Is Back w/ David Duong
Speakers
David Duong
— Head of Institutional Research, Coinbase
Summary
David Duong from Coinbase Institutional discusses Bitcoin's near-term outlook amid geopolitical uncertainty and institutional adoption. He is neutral for Q2 but sees short-term upside from US Treasury liquidity and long-term holder accumulation. Ethereum's narrative shift is noted but not actionable. DeFi hack concerns are discussed but not affecting prices.
- David Duong maintains a neutral Q2 outlook for crypto due to headline-driven markets.
- He is short-term optimistic on Bitcoin, citing TGA spending in May and long-term holder accumulation.
- Bitcoin's correlation with equities is declining, suggesting a unique crypto narrative.
- Institutional products from Wall Street continue to launch, supporting long-term adoption.
- Ethereum's narrative is evolving around AI agents and quantum readiness, but no strong trade call.
- DeFi hacks (LayerZero, KelpDAO) raise concerns but have not significantly impacted prices.
Trade Ideas
Short-term bullish on Bitcoin liquidity.
Bitcoin is likely to rally in the short term (next few weeks) as the US Treasury spends down its General Account balance, injecting liquidity into the system, which historically benefits risk assets and crypto. This is reinforced by long-term holders accumulating and institutional demand from products like Strategy's stretch product and digital asset credit. However, risks remain from geopolitical headlines (Iran).
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This Milk Road Macro video, published May 10, 2026, features David Duong discussing BTC. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: David Duong · Tickers: BTC