Coinbase CEO Brian Armstrong addressed the state of the crypto cycle, emphasizing that the market tends to flip every two years between irrational exuberance and despair. Coinbase is focused on the fundamental indicators, separating the signal from the noise, and sees an opportunity in the despair phase. Armstrong notes that the number of software developers working in crypto has doubled since 2020, and many major brands have started integrating Web3 and NFT technology into their products, which will require customers to use a crypto wallet. Coinbase is positioned to benefit as a result.