Crypto Q2 Outlook: What Actually Unlocks the Next Bull Run w/ David Duong

Summary

David Duong, Global Head of Research at Coinbase Institutional, discusses his neutral Q2 2026 outlook for crypto, citing macro uncertainty from geopolitical headlines. He highlights a Coinbase/EY institutional survey showing strong conviction to allocate, with 73% planning to increase crypto exposure. He sees Ethereum's narrative improving, AI agents as a key emerging sector, and liquidity conditions potentially turning favorable in May.

• David Duong maintains a neutral Q2 outlook due to headline-driven macro risks.
• Institutional survey shows 73% of respondents plan to increase crypto allocation in 2026.
• Ethereum's narrative is shifting positively with lower fees, quantum readiness, and AI agent focus.
• AI agents are emerging as a major new sector at the AI-crypto intersection.
• Liquidity from TGA balance spending and tax returns could improve risk asset conditions in May.
• Regulatory clarity from SEC/CFTC is helping, but full legislation is still needed.
• ETFs are becoming key institutional on-ramps with structural buying still early.
• David declines to name specific AI agent projects but notes a stablecoin-paired concept as a frontrunner.