Coinbase IPO will have significant impact on crypto market
Granted it is a direct listing, so there is no lock in period.
Given that like 20% of the company is owned by employees, if they decide to sell off at listing that would be a great time to buy. I believe that this will trigger massive buying of btc as coinbase investors will have motivations for keeping the price of btc high. Coinbase makes more on the spread when btc is high (and other coins too).
I get the argument for holding the keys to your crypto, but can’t deny that coinbase is very important for the adoption, so please no bashing coinbase for the purpose of this discussion.