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yearn.finance yfi coinbase defi
Nexo Logo

Coinbase Users Lose $25K On Yearn.Finance Since DeFi Token’s Debut

Tony Spilotro by Tony Spilotro
2 years ago
in YFI
Reading Time: 3 mins read
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Timing when to buy in crypto or any market is a difficult task. Eager DeFi investors learned this the hard way if they rushed to buy Yearn.Finance (YFI) the moment it was listed on Coinbase. From that moment on, its been almost nothing but downside since, leaving anyone who bought that “top” with a $25K paper loss on hand.

Will YFI recover and soften the sting of such a dramatic fall from grace, or will investors continue to yearn for their money back?

How A Coinbase Listing Has Become The Crypto Industry Kiss Of Death

Once upon a time in the cryptocurrency market, a Coinbase listing meant big gains. Even just rumors of a potential listing sent XRP soaring in early 2018 from $1 to more than $3.50 at its peak.

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Related Reading | Yearn.Finance (YFI) On “Life Alert” After Weak Attempt To Hold Support

These days, it is more like a kiss of death than getting a spin on the wheel of fortune. Take Yearn.Finance for example. From the moment the digitally scarce DeFi token made its debut on the exchange, its fallen 65% or more high to low.

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YFIUSD Daily Coinbase Death Spiral | Source: TradingView

The nasty-looking chart above is the Yearn.Finance YFIUSD daily chart from Coinbase, showing how devastating the descent has been for anyone who bought just 23 days earlier. Any investors who bought one of the 30,000 YFI tokens to ever exist are now out a full $25K or more at the time of this writing.

Yearn.Finance (YFI) Head And Shoulders Target Lies Deeper Below

The Coinbase chart, however, is only just part of the story. Switching to the charts of platforms where the token was listed for much longer, shows the rest.

Related Reading | DeFi Token Yearn.Finance (YFI) Breaks Massive Pattern Neckline, What’s Next?

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From the moment the DeFi token made its debut on Coinbase, began the “head” in a head and shoulders chart formation on YFIUSD charts. The bounce you can see above formed the right shoulder and led to a breakdown of the neckline from such strong downward momentum.

YFIUSDT Daily Head And Shoulders Reversal Pattern | Source: TradingView

YFIUSD has fallen a full 65% from the peak of the reversal pattern, with a target closer to the cost of just one BTC. At its peak, it was worth over four times the price per Bitcoin.

It isn’t clear why a listing on Coinbase led to such fallout in an asset that had seen nothing but upside, but perhaps adding another fiat gateway created a flood gate for profit-taking.

Eventually, funds will flow back into the low supply DeFi token, easily causing its valuation to increase once again. But as investors learned at the top, timing markets isn’t an easy task.

Buying the bottom of YFI wherever that may be is likely to be a lucrative position, but attempt to knife-catch this runaway train could prove disastrous.

Tags: coinbasecryptoDeFiyearn financeyfiyfibtcyfiusdyfiusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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