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

Coinbase research unpacks institutional demand, regulatory friction, and a key new use case: AI agents transacting micro-payments on blockchain rails.

Key Takeaways

~73% of surveyed institutions plan to increase crypto allocations in 2026; ETFs/ETPs act as primary on-ramps, driving fresh inflows and structural buying.
Regulatory clarity both attracts capital and raises caution—agencies are filling gaps, but legislation is needed for perps, tokenized equities, and DAO compliance.
AI agents are an emerging crypto use case: agents holding wallets, buying proprietary data, and settling microtransactions could run on blockchain rails and spawn investable protocols.
Outlook is neutral for 2026: macro liquidity and rising Treasury balances support risk assets, but risks include rates, geopolitical events (Iran), and AI labor effects.
DeFi’s fast composability increases exploit risk; community bailouts showed resiliency, while permissioned DeFi (ZK proofs, homomorphic encryption) could unlock institutional access.
Short-term price moves follow headlines; despite recent hacks, prices held relatively steady—risk management, custody, and disciplined position sizing are decisive for institutions.

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