Bullish option flow was detected by Guerilla Stock Trading in Coinbase $COIN on August 12, 2022, after the news was released that Blackrock’s Coinbase-driven private bitcoin trust for Aladdin clients was launched.
Bullish Option Flow In $COIN
Make sure to review this lesson on option flow so that you understand the image above.
The $105 call option with an August 19, 2022 expiration has seen open interest soar.
BlackRock launches spot bitcoin private trust
On August 11, 2022, BlackRock (BLK) said in a blog post that it had launched a spot bitcoin private trust. The trust is available to U.S. institutional clients and seeks to track the performance of bitcoin, fewer expenses, and liabilities of the trust. “Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities,” the company said. BlackRock recently announced a partnership with Coinbase (COIN) that will provide typical clients of Aladdin and Coinbase access to the digital assets trading lifecycle through connectivity between Coinbase and the Aladdin platform, starting with bitcoin. Source: https://www.blackrock.com/institutions/en-us/insights/bitcoin-private-trust
Coinbase price target raised to $100 from $90 at DA Davidson
On August 11, 2022, DA Davidson analyst Christopher Brendler raised the firm’s price target on Coinbase to $100 from $90 and kept a Buy rating on the shares. The analyst tells investors in a research note that the company’s Q2 results were “broadly better” than his mid-July reset, with “positive variances” across its multiple key drivers. Coinbase’s near-term outlook remains murky, but the recent rally increases his confidence in an eventual recovery, Brendler adds, stating that he remains optimistic about a “Fed-driven crypto rally by year-end.”
📺 Coinbase misses on revenue and trading volume, driven by bitcoin losses
📈 Coinbase $COIN Chart
$COIN stock is in a weak technical downtrend. Short-term indicators suggest a trend reversal is possible, while long-term indicators still support a continuation of the downtrend.
Multiple bottoms has been put in on the stock, and traders await a downtrend line breakout above $105 to confirm a trend reversal.