Coinbase Sees Heavy Put Buying as COIN Stock Slides Near 52-Week Lows

By TrendSpider Editor

Coinbase Global (COIN) is drawing significant options attention Thursday as four unusual contracts totaling $1,667,562.50 in premium hit the tape, with bearish positioning dominating the flow. The stock is currently trading at $146.83, down 2.19% on the session, and is hovering dangerously close to

Coinbase Sees Heavy Put Buying as COIN Stock Slides Near 52-Week Lows

Coinbase Global (COIN) is drawing significant options attention Thursday as four unusual contracts totaling $1,667,562.50 in premium hit the tape, with bearish positioning dominating the flow. The stock is currently trading at $146.83, down 2.19% on the session, and is hovering dangerously close to its 52-week low of $139.36, far removed from its 52-week high of $444.645. The combination of downside options activity and a stock near multi-year lows raises questions about where institutional traders see the stock heading into the second half of 2026.

Key Drivers of the COIN Stock Move

• Main Catalyst: Four unusual options contracts were flagged today carrying a combined premium of $1,667,562.50. The flow is weighted toward puts, with two downside contracts accounting for the bulk of premium spent, including a $757,500 put position and a $670,000 put position.
• Bull Case: Two call contracts were also part of the unusual activity. A $130 strike call expiring August 7, 2026 is currently in the money at the current price of $146.83, suggesting at least some traders are positioned for near-term upside and paid $211,182.50 in premium to express that view.
• Bear Case: The largest single contract by premium is a PUT at a $135 strike expiring December 15, 2028, carrying $757,500 in premium and an open interest increase of 2,143%. A second PUT at a $140 strike expiring August 21, 2026 carries $670,000 in premium. Both strikes sit below the current price of $146.83, and both are out of the money, but the $140 strike is within striking distance given the stock's proximity to its 52-week low of $139.36.

The forward setup for COIN is precarious from a technical standpoint. At $146.83, the stock is trading just $7.47 above its 52-week low of $139.36, compressing the margin of safety for long-side holders. The long-dated December 2028 put with a 2,143% open interest surge is particularly notable, as it signals a trader willing to pay a significant premium to hold downside protection for more than two and a half years. That kind of positioning often reflects a macro or structural concern about the underlying business rather than a short-term tactical trade. Coinbase operates in a regulatory and market-sensitive environment, and crypto market volatility continues to weigh on sentiment. The $444.645 high set earlier in this 52-week window shows how dramatically the stock has compressed, losing more than two-thirds of its peak value to reach current levels.

COIN Unusual Options Activity

• Contract 1: CALL, $152.50 strike, expiring July 17, 2026 | Volume: 40 | Open Interest Change: 1,000% | Status: Out of the Money
• Contract 2: PUT, $140.00 strike, expiring August 21, 2026 | Volume: 500 | Open Interest Change: 15% | Status: Out of the Money
• Contract 3: PUT, $135.00 strike, expiring December 15, 2028 | Volume: 150 | Open Interest Change: 2,143% | Status: Out of the Money
• Contract 4: CALL, $130.00 strike, expiring August 7, 2026 | Volume: 85 | Open Interest Change: 1,000% | Status: In the Money

Three of the four contracts show open interest surges of 1,000% or more, indicating these are not positions being added to existing books but rather entirely new commitments. The highest-volume single contract is the $140 put with 500 contracts traded, reinforcing near-term bearish sentiment heading into summer.

COIN Seasonality

Late June and the third quarter have historically been volatile periods for crypto-linked equities, as institutional rebalancing and reduced summer liquidity can amplify price swings in both directions. With COIN already sitting near its 52-week floor, seasonal headwinds could add additional pressure if broader risk appetite fades through July.

COIN Relative Performance

COIN's 2.19% decline today puts it under pressure relative to broader market benchmarks, and its position near the $139.36 52-week low underscores persistent underperformance against the highs established earlier in the 52-week window. The stock's inability to sustain levels anywhere near its $444.645 peak reflects a significant divergence from its prior momentum cycle, making it one of the more notable laggards among high-beta technology and digital asset names.