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Coinbase Wants to Become the Everything Exchange
PLUS: Bitcoin Is Holding But Conviction Is Missing
Welcome back to The Warmup.
Happy Wednesday to everyone who logged into Coinbase’s System Update hoping for a Base token announcement.
Here’s what we’re watching:
Market Snapshot
Coinbase Wants to Become the Everything Exchange
BTC 200D SMA Bottom Signal
Bitcoin Is Holding But Conviction Is Missing
Market: Crypto is pulling back today, while equities and gold are holding green, showing risk assets are mixed rather than fully bearish.
Coinbase Wants to Become the Everything Exchange
What’s going on:
Coinbase just rolled out a massive product update aimed at turning the platform into more than just a crypto exchange.
Users can now trade stocks, ETFs, indexes, options, tokenized stocks, crypto perps, and even pre-IPO perps all in one place.
They also added an SEC-registered AI advisor, automated trading agents, a USDC-backed credit card, Bitcoin travel rewards, and loans against staked Solana.
The goal is clear: Coinbase wants to merge crypto, brokerage, banking, and AI into one financial super app.
What it means:
Coinbase is no longer just trying to win crypto trading.
It wants to own the entire investing experience.
They may not be first to every product, but the strategy makes sense.
Tokenized stocks, perps, RWAs, and agentic trading are all growing narratives.
If the overall market gets much bigger, Coinbase does not need to steal everyone’s users.
It just needs to be the easiest place to trade everything.
BTC 200D SMA Bottom Signal
What’s going on:
Bitcoin is still trading below its key cycle-bottom marker: the 200D SMA, shown here as the 29W SMA.
BTC is around $65K, while the SMA sits near $76.4K. In the last two cycles, reclaiming and holding this level marked the end of the bear market.
Key levels we’re watching:
Support: $60K–$65K → bulls need to defend this zone.
Resistance: $76.4K → current 200D SMA level.
Confirmation: Reclaim and hold above the SMA.
Breakdown risk: Losing $60K keeps downside pressure alive.
Directional Bias: Neutral
BTC has not confirmed the cycle bottom yet. A clean move back above $76K would be the first real signal that the bear market is ending.
What we’re waiting for:
Weekly close above the 200D SMA
Hold $76K as support
Spot demand to confirm the move
Bitcoin Is Holding But Conviction Is Missing
What’s going on:
Bitcoin is still trading below $65,000 as markets wait for Kevin Warsh’s first Fed meeting as chair.
The Fed is expected to hold rates steady, but the message matters more than the decision.
Inflation is running hot, oil remains a risk, and traders want to see whether Warsh sounds dovish or hawkish.
For now, BTC is stuck in a range.
Bitfinex says the bounce from $59,200 looks more like seller exhaustion than fresh demand.
ETF inflows are small, open interest has not rebuilt, and traders are buying downside protection.
The bigger concern is Strategy.
Its STRC preferred shares just hit a fresh low below par, signaling that one of Bitcoin’s strongest corporate demand engines may be weakening.
What it means:
Bitcoin is stabilizing, but it still needs real demand to confirm a breakout.
The key level is $68,266.
Until BTC clears that, the market likely stays between $60,000 and $68,000.
For altcoins, the message is simple: hype alone is not enough anymore.
The winners will be tokens with real revenue, real usage, and a reason to exist.
Stay selective. Quality matters now.
 | HOOD: |
 | HYPE: |
 | ETH: |
Will Coinbase become the everything exchange? |
Bitcoin may not be out of the woods yet, but the data suggests we are deep in capitulation territory.
When most holders are in pain, sentiment is extremely bearish, and investors are rotating out of risk, history says that is usually closer to a bottom than a breakdown.
The biggest takeaway is that trying to catch the exact low is almost impossible, but ignoring value when fear is this high can be even riskier.
If this setup rhymes with past cycles, the most painful trade from here may actually be Bitcoin moving higher while everyone is still waiting for lower.
— The Warmup Team
Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.