Coinbase Global, Inc. closed at USD 174.72, down 2.36%.
Large options trades in COIN were dominated by a $15.19 million net debit bearish call spread, while a $5.69 million short put provided a secondary bullish income structure. Overall institutional flow leaned clearly negative, with traders focused on capping upside rather than chasing a sustained rally.
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Options Indicators
COIN’s implied volatility is 69.58%, while its IV percentile stands at 37.05%, which places current volatility in a broadly neutral range rather than an elevated one. With the IV/HV ratio at 0.85, implied volatility is running below historical realized volatility, suggesting the options market is not pricing COIN at a particularly rich premium despite the still-high absolute IV level. Overall, current option pricing looks relatively reasonable rather than expensive.
The Call/Put volume ratio is 3.15.
Large Trades
A bearish call spread with a net debit of $15.19 million was the largest displayed trade, pairing the purchase of 10,090 Nov. 20, 2026 $170 calls with the sale of 10,090 Sep. 18, 2026 $170 calls. This was an in-the-money call spread versus the $174.72 reference stock price, and the structure points to a bearish calendar-style call spread view: the trader paid premium to own longer-dated upside exposure while financing part of that cost by selling nearer-dated calls at the same strike, a positioning choice that leans bearish on the intermediate path of the stock and suggests expectations that COIN may struggle to sustain gains through the short-call expiration while preserving optionality further out.
A $5.69 million sale of the Sep. 17, 2027 $125 put was the other displayed large trade, executed as a single-leg, out-of-the-money bullish position. With the strike well below the $174.72 reference price, the seller is effectively expressing willingness to accumulate shares at a much lower level while collecting premium today, which is typically a moderately bullish or at least downside-tolerant stance rather than an outright aggressive upside bet.
Overall, the large-trade flow skews clearly bearish. The dominant trade by far was the sizeable bearish call spread, and the broader block activity also leaned negative despite some supportive premium-selling structures such as the out-of-the-money short put and a bullish put spread elsewhere in the tape. Taken together, the institutional flow suggests cautious to negative expectations for COIN, with traders appearing more focused on capping upside or positioning for weakness than on chasing a sustained bullish move.
Strategy Reference
For sellers seeking low assignment probability in a bearish tape, the $125 put in far-dated expirations mirrors the large short-put flow, though upside call spreads near the $170 strike remain the cleaner way to express downside without posting significant margin on cash-secured puts.
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