2 weeks ago
Shares successful Nasdaq-listed cryptocurrency speech Coinbase (COIN) tanked 19.6% to $314.69 past week, registering its worst show since September 2024, according to information root TradingView.
On Thursday, COIN published its second-quarter net report, revealing a nett operating net per stock of 12 cents, with an 88.8% year-over-year alteration successful the bottommost line.
The $1.5 cardinal successful gross fell abbreviated of FactSet's $1.59 cardinal estimate, portion the EBIDTA declined to $512 cardinal arsenic transaction gross slipped 39% from the erstwhile quarter.
The terms sell-off is accordant with the precocious June analysis by crypto probe steadfast 10x, which stated that the second-quarter terms rally appeared overstretched comparative to fundamentals. The steadfast recommended shorting COIN portion buying BTC.
Early past month, concern steadfast H.C. Wainwright sharply downgraded Coinbase to Sell from Buy, saying that the 2nd 4th rally outpaced fundamentals.
COIN enactment options successful demand
The sell-off has traders chasing downside extortion successful COIN.
As of Friday, the one-year put-call skew, which measures the implied volatility (demand) differential betwixt enactment and telephone options, roseate to 2.6%, the highest since April 21, according to information root Market Chameleon.
In different words, enactment options, offering security against terms losses successful the underlying asset, traded astatine a 2.6 volatility premium to telephone options oregon bullish bets.
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