Coinbase is overvalued because people don’t understand the difference between Coinbase (which has enourmous fees for guaranteeing a price for selling/buying cryptocurrencies) and Coinbase Pro (which is a market maker with lots of competitors, where you can just create a market order and you will execute the trade with a much more competitive margin). As competitors copy the ease of use (like Strike with a 0 profit on buying/selling Bitcoin), Coinbase’s main business will decrease relative to Bitcoin’s market cap (it may still increase in dollar terms).