Coinbase Global Inc. closed at $145.41, marking a 2.99% decline.
A large $2.24 million calendar call spread dominated the session, capping upside expectations, while a substantial $0.76 million put sale signaled modestly bullish confidence. The complex call structure, combining four out-of-the-money legs across two 2026 expirations, suggests a trader sees limited near-term rally potential, whereas the aggressive put writing indicates a belief that the stock can hold above the $145.00 strike into expiration.
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Options Indicators
COIN’s implied volatility is 70.36%, while its IV percentile stands at 41.43%, which places current volatility conditions in a neutral range rather than an extreme one. With the IV/HV ratio at 1.01, implied volatility is very close to realized volatility, suggesting options are being priced fairly overall, without a notable premium or discount versus recent actual movement. The Call/Put volume ratio is 1.53.
Large Trades
A call combination worth $2.24 million was the largest structured trade of the day, built as a four-leg calendar-style call spread using the 2026-08-14 and 2026-08-07 expirations. The trader sold 2,999 contracts of the 149.0 call and 2,999 contracts of the 155.0 call in the shorter-dated August 14 line, while buying 2,999 contracts of the 155.0 call and also selling 2,999 contracts of the 162.5 call in the August 7 line; all legs were out of the money versus the $145.41 reference stock price. Based on the provided leg premiums, this structure collected $1.44 million from the short call legs and paid $0.80 million for the long 155.0 calls, resulting in a net credit of $0.64 million. Strategically, this looks like a premium-generating call spread/calendar-style position that expresses controlled upside exposure while benefiting from time decay and capped risk within the spread framework, suggesting the trader does not expect an outsized near-term rally beyond the upper strikes.
A PUT sale worth $0.76 million was the other displayed large trade, with the trader selling 1,498 contracts of the 145.0 put expiring 2026-08-14. With COIN referenced at $145.41, the strike sat slightly out of the money at execution, making this a moderately bullish income-oriented position. By selling the put, the trader collected premium while expressing willingness to own shares around the strike if assigned, which typically signals confidence that the stock can hold near or above that level into expiration.
Overall, the large-trade flow points to a slightly bullish stance on COIN. The sentiment summary already shows bullish flow modestly outweighing bearish flow, and the character of the trades supports that view: the notable 145.0 put sale reflects constructive downside confidence, while the larger call combination appears more measured than aggressively bearish, emphasizing premium collection and defined upside expectations rather than a strong negative directional bet. Taken together, the block activity suggests investors see COIN as stable to modestly higher, with upside likely viewed as limited rather than explosive in the near term.
Strategy Reference
For a low assignment probability on a put sale, a trader might consider the 110.00 strike, which sits well below the current price and the 25-delta level, or deploy a bull put spread using the 140.00/135.00 strikes to define risk and reduce margin requirements.
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