According to the source, Coinbase’s David Duong reports that crypto treasury buyers largely stepped back after the Oct 10 sell-off, with BTC purchasing activity falling to near year-to-date lows (source: Coinbase Institutional, David Duong). This pattern aligns with historical episodes where realized volatility spikes and order-book depth thins, which materially increases slippage for block execution and drives institutions to pause allocations (source: Kaiko Research, liquidity during sell-offs, 2023). In post-drawdown conditions, futures basis and funding commonly compress toward zero or negative, reducing carry-trade participation that otherwise supplies passive bid support to spot markets (source: CME Group futures data and education, 2023). For trading, subdued treasury flows elevate downside tail risk and execution costs; monitor aggregated 1% market depth, CME front-month basis versus spot, and stablecoin net inflows as signals for a potential re-entry of large buyers (sources: Kaiko market depth datasets; CME Group term structure; CryptoQuant stablecoin flow metrics). Early confirmation of renewed treasury demand would include a recovery in aggregate 1% market depth toward pre-sell-off norms and a pickup in entity-adjusted exchange inflows from identified corporate wallets (source: Kaiko market depth; Glassnode entity-adjusted flow metrics).

According to @secondswap_io, Ethena opened institutional rails in August with direct access via Coinbase Institutional, CoinList’s Earn offering USDe at 12% APY, and cross-chain deployments on Aptos plus integrations across Aave, Gearbox, InfiniFi, and TON; the post also states Ethena has been aggressively building its infrastructure (source: @secondswap_io). According to @secondswap_io, these named channels and rates identify where USDe access and yield are currently available for participants, informing trading-oriented capital deployment and liquidity routing (source: @secondswap_io).

According to @MilkRoadDaily, Coinbase Institutional’s David Duong projects the stablecoin market could expand from roughly $275 billion to $1.2 trillion by 2028, a 336% increase (source: @MilkRoadDaily, Twitter, Aug 30, 2025). Based on the same figures, this trajectory implies approximately a 62% compound annual growth rate and about 12.8% average quarter-over-quarter expansion, offering traders a sizing baseline for liquidity planning and stablecoin supply scenarios through 2028 (source: @MilkRoadDaily, Twitter, Aug 30, 2025).