Coinbase rolls out new tools that will aid entry-level cryptocurrency users to understand what seasoned traders are up to, as announced by the exchange on Wednesday.
The new suite of signaling tools includes a tool that will broadcasts the activity of Coinbase’s top traders. The official Coinbase blog post explained:
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours. This is updated approximately every 2 hours.”
A Coinbase spokesperson told CoinDesk that all individual Coinbase accounts across the exchange, excluding those set up by institutions will be monitored and top holder activity would be aggregated from them.
Apart from sharing metrics the San Francisco-based company rolled out other data tools that will aid retail users make more informed decisions. Further, Coinbase customers will be able to see he median number of days an asset is held by traders on the exchange before being sold or moved to another address.
Another important tool will gauge the popularity of assets on the platform and as well as relative price correlations to other crypto assets. As per Coinbase, all these “exclusive” data tools are available to any user for free. A spokeperson told the publishing:
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals.”
Read more:Bitcoin Network Moves $3 Billion Daily Getting Up 210% Since April
Image source – Coinbase Twitter
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