Coinbase Institutional published its latest “Takeaways from Token2049” on Friday. The report, co-authored by David Duong, Head of Institutional Research, and David Han, Institutional Research Analyst, summarized key insights from the Token2049 and Solana Breakpoint conferences, which were held in Singapore. They wrote:
We anticipate a constructive Q4 2024 due to US rate cuts and significant fiscal and monetary stimulus from China, which should enhance market liquidity and support BTC performance.
The report focused on bitcoin and high-beta crypto assets, with a strong overall outlook for the market in the upcoming months.
Ethereum’s recent struggles, particularly its rising transaction fees, were also discussed. “Onchain activity is growing, with rising DEX volumes and higher Ethereum gas prices,” the report noted. However, despite the recent launch of spot ETH ETFs in the U.S., the token has not seen the same benefits as bitcoin. The report described:
Although many market players were bullish on BTC, we encountered a few skeptics on ETH, as the token appears to not have benefited from the launch of spot ETH ETFs in the US over two months ago.
This skepticism contrasted with the excitement surrounding bitcoin and alternative networks like Solana, which is rapidly expanding its ecosystem with new products and partnerships.
Despite some concerns about ethereum’s performance, the broader crypto market remains well-positioned for growth. This optimism is fueled by China’s massive fiscal and monetary stimulus and supportive U.S. economic conditions. Solana and other emerging layer-1 networks are increasingly challenging ethereum’s dominance, with more attention being paid to scalability and transaction efficiency. The rise of decentralized exchanges (DEXs), along with improvements in blockchain infrastructure, signal promising developments for the crypto space as a whole.
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