Why would it drop below 1.6B? Coinbase makes money in both bull and bear markets via fees. If they booked 1B+ in fees last year their cash on hand alone should

Why would it drop below 1.6B? Coinbase makes money in both bull and bear markets via fees. If they booked 1B+ in fees last year their cash on hand alone should justify their current valuation, if not conservatively justify a higher one