• 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.