Coinbase: Takes a Cautiously Optimistic View of the Current Market, Speculative Bubble Has Been Deflated

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**December 10 Update: Coinbase Institutional** Coinbase Institutional noted in a social media post on December 10 that November’s market volatility could lay the groundwork for December’s price action. Key November metrics: - BTC, ETH and SOL perpetual contract open interest fell 16% month-over-month. - U.S. spot ETFs posted $3.5 billion in BTC outflows and $1.4 billion in ETH outflows. - BTC perpetual contract funding rates briefly dipped below 2 standard deviations of their 90-day moving average before rebounding. Coinbase Institutional attributes the market’s cautiously optimistic tone to the clearing of speculative froth: systemic leverage has dropped from ~10% of total market cap this summer to 4–5%, signaling a healthier market structure and reducing the likelihood of a sharp pullback through year-end.

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