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Coinbase stock tokens on Base show thin apparent sell capacity
A Sept. 23 premarket snapshot on Base found indicative sell routes for $100,000 of each of 10 Coinbase stock tokens, with router quote gaps that do not prove the market can absorb a large simultaneous selloff.
CryptoSlate reported that more than $1 billion in reported trading can make Coinbase stock tokens on Base look liquid, but the key question for holders is how much liquidity exists at prices that would hold up during a broad selloff, especially outside US equity hours.
In a Sept. 23 premarket check, the outlet said indicative buy and sell routes were found for about $100,000 of each of Coinbase’s ten stock tokens on Base, with estimated proceeds ranging from 0.06% to 0.71% below KyberSwap’s own dollar valuation of the tokens offered.
CryptoSlate also pointed to displayed liquidity in the ten principal Aerodrome stock token to USDC pools, saying combined displayed balances were about $12.97 million, with individual pools ranging from roughly $818,700 for MSFTc to about $2.11 million for NVDAc.
The outlet stressed that displayed pool balances and router estimates do not establish capacity for simultaneous selling, and that the router quote gaps measured only how far estimated output fell below its own input valuation, not the token’s relation to the underlying share price or any completed trades.