Coinbase Expected to Join Rise in Cryptocurrency Market
According to one trader, Coinbase has missed out on a significant portion of the cryptocurrency market’s upside but is expected to join this move later. The stock rose nearly 10% after being listed as a “surveillance partner” for several spot bitcoin ETFs. Rising options trading volumes and open interest indicate a bullish sentiment that may continue for the stock in the coming months.
Main Breakdowns:
- Coinbase listed as a partner for spot bitcoin ETFs
- Coinbase’s ties with traditional finance players driving investor interest
- Caution over short-term moves for Coinbase stock
- ARK Invest’s sale of Coinbase shares impacting the market
- Rising open interest and options trading volumes for COIN
Data shows that open interest for COIN futures contracts grew 4% on Tuesday, indicating increased bets on the stock. COIN-listed options also saw a 14.6% increase in open interest, suggesting a bullish outlook among traders. The falling put-call ratio further supports a positive sentiment for COIN.
Hot Take:
Coinbase’s partnership with spot bitcoin ETFs and its ties to traditional finance players have fueled investor interest and led to a surge in the stock price. While caution is advised for short-term moves, the rising options trading volumes and open interest indicate a bullish sentiment that may continue for Coinbase in the coming months.
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