Wave Financial
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Wave Financial

The Alpha Framework: An Analysis of the “Coinbase Effect”

Lions = pure alpha
From the Ledger Capital pitch deck. The old days.

The Alpha Framework

Some Background:

  1. An announcement that Coinbase is exploring adding an asset, and may potentially be added in the future.
  2. An announcement that an asset will be added in the future to Coinbase
  3. An announcement that the asset has started trading on Coinbase

The Analysis:

Source: Wave Financial Calculations
Source: Wave Financial Calculations. To calculate ETH excess returns I only used BTC returns during that time frame.
Source: Wave Financial Calculations



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