The past few days leading up to Coinbase’s direct listing have seen some volatility return to the markets, and a sustained rally to new all-time highs for many cryptocurrencies. BTC got close to \$65k on Wednesday afternoon for the first time ever, and most major altcoins are also basically at or near their all-time highs right now (shitcoins and DeFi are a little more mixed, but almost everything has rallied). Many coins with a lot of high-leverage open interest (relative to, e.g., ADV), like XRP and DOGE, have seen extreme momentum-based moves as a lot of shorts are getting liquidated during these rallies, leading to more extreme price movement.
Exchange tokens have perhaps seen the most increased interest, with most of the major ones rallying quite a bit over the past week (with some draw-down afterward, but on net still up quite a lot – notably, for instance, BNB crossed \$600). This is likely in direct response to excitement for the Coinbase listing, and speculation about relative valuations of the different exchanges to Coinbase – as Coinbase itself will likely be quite volatile over the next few days, we should expect the other exchange tokens to follow suit.