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On Wednesday, the exchange announced a new signal tool that monitors and publishes the activities of Coinbase's top traders.
An official blog post by Coinbase explains that “the top performer’s activity signal is that the Coinbase customers with the highest active position index (top 10%) have net increase (purchase) or decrease in the past 24 hours ( Sell) information about its asset position, which is updated approximately every 2 hours."
In an interview with CoinDesk, a Coinbase spokesperson further elaborated that the activities of top investors would be aggregated from all individual Coinbase accounts across the exchange, excluding accounts established by institutional investors.
In addition to sharing the dynamics of top investors on the Coinbase platform, the San Francisco-based company has introduced other data tools to help retail investors make smarter investment decisions.
Coinbase customers can also see the average number of days a trader holds assets on the exchange before selling or transferring to another address. Another tool measures the popularity of assets on Coinbase and the relative price of other crypto assets.
Coinbase said that from now on, all of these "exclusive" data tools are available to any user for free.
When talking about the goal behind adding a new tool, a Coinbase spokesperson told CoinDesk:
“For individual investors, especially those who are new to cryptocurrencies, we hope these new tools will encourage more sensible management of diversified encryption portfolios. We hope that trading tools can help first-time investors build their investments. The correct portfolio of goals."
New investment tools
Coinbase's senior engineer, Will Drevo, used these tools for some early analysis. He said that Coinbase's top-level encryption accounts have a tendency to buy, not sell, their portfolio positions.
In another blog post, Drevo wrote:
“Historically, when top-level holders are unusually bullish or bearish, this indicates that market conditions are changing, but not always.”
Drevo concluded that the use of this information is not always beneficial to investors and should not be directly viewed as an investment strategy or recommendation. Instead, he encourages users to create and manage their own investment strategies based on their needs, financial situation and risk tolerance.
“If you have questions, consider consulting a financial professional.”
Coinbase was founded in 2012 and raised $300 million in venture capital at the end of last year, valued at $8 billion. According to reports last week, with the help of the brokerage company Aon, the exchange may soon set up its own insurance company.
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