On average, coins that traded on decentralized exchanges jumped 40% compared to a market benchmark during the 300 hours before the Coinbase announcement. They rose another 2% over the subsequent 100 hours, the study found. There wasn’t much of a pattern for coins not on Uniswap. The researchers — Ester Félez-Viñas, Luke Johnson and Tālis J. Putniņš — chose the 300-hour window based on observations of insider trading on the blockchain, Putniņš said.
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