After the successful direct listing of crypto exchange Coinbase Global Inc (NASDAQ:COIN), a popular theory has emerged amongst crypto traders that Coinbase employees cashed out their shares for some popular cryptocurrencies.
What Happened: “Most Coinbase employees are going to be aware that cash and stocks aren’t the valuable holdings they used to be, and they’re going to push those investments back into crypto,” said Adam Cochran, a partner at Cinneamhaim Ventures.
Appears some liquidity from $COIN is already moving into cryptoassets.
— Chris Burniske (@cburniske) April 15, 2021
Cochran went as far as to collect survey responses from 108 Coinbase employees in order to identify what their top crypto picks for the next 30 days would be.
Ethereum (CRYPTO: ETH) seemed to be the asset to watch, as the majority of respondents were interested in investing in the digital asset, followed by Bitcoin (CRYPTO: BTC), which was the second-most chosen cryptocurrency.
Although the graph above is listed in order of largest to smallest market caps, Coinbase employees did not express too much interest in some higher market cap coins like Cardano (ADA), Bitcoin Cash (BCH), and Stellar (XLM).
Instead, cryptocurrencies like Compound (COMP), Aave (AAVE), Maker (MKR), Synthetix (SNX), and Balancer (BAL) seemed to be extremely popular choices.
DeFi blue-chips re-rating in progress. $AAVE $YFI $SNX $ALPHA $SUSHI $BNT pic.twitter.com/s7SK7dwSOE
— Arthur (@Arthur_0x) April 15, 2021
DeFi investor at crypto-asset investment fund DeFiance Capital, Arthur shared a series of price charts on Twitter, depicting a steady rise of a few cryptocurrencies that are considered “DeFi blue-chips.”
“I think we see capital rotation to Eth DeFi soon with ETH breaking $3k and recapturing the market attention again. Time for blue chips season again,” he said.
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