Traded Value
Total AssetsCoinbase is about to become a shareholder of Bybit, helping Bybit enter the US market.
I saw a pretty interesting piece of news today: an exchange called Bullish has recently seen a surge in spot trading volume, surpassing $Coinbase(COIN.US) to become the world's third-largest exchange.
This actually illustrates a point: competition among crypto exchanges is getting fiercer. Many people used to think of Coinbase as "the only legitimate exchange in the US," but now more and more institutional platforms are emerging to grab market share.
Many people only watch BTC for Coinbase's stock price, but what I'm more concerned about is its trading share being eroded. If future trading volume gets divided up, Coinbase's profit elasticity might not be as high as everyone thinks.
I trade in swings myself. If there's another surge now, I might reduce my position a bit.
Do you think Coinbase's moat is still there?
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