Coinbase Sees $2.8 Million Bearish Put Sweep as Stock Sits Near 52-Week Lows

By TrendSpider Editor

The forward setup for COIN remains challenging heading into the final stretch of 2026. The stock is trading closer to its 52-week floor of $139.11 than its ceiling of $373.25, reflecting a broader reset in crypto-related equities from last year's highs. The January 2027 expiration on this put gives

Coinbase Sees $2.8 Million Bearish Put Sweep as Stock Sits Near 52-Week Lows

Key Drivers of the COIN Stock Move

• Main Catalyst: A single put contract at the $160 strike expiring January 15, 2027 printed with a size of 1,500 contracts and $2,824,500 in total premium. The contract is currently in the money with COIN trading at $159.18, and open interest is running at a notably elevated 64% OI ratio, pointing to this as a fresh directional bet rather than a hedge against an existing long position.
• Bull Case: The $160 strike is only marginally above the current price of $159.18, meaning the stock does not need to fall far for bulls to argue this is an overreaction. The January 15, 2027 expiration gives COIN roughly 11 weeks to stabilize or recover, and any positive catalyst in the crypto space could quickly flip this position underwater for the put buyer.
• Bear Case: The contract is already in the money with the stock at $159.18, and the $2,824,500 premium commitment signals conviction from a well-capitalized trader. With the 52-week low sitting at $139.11, there is meaningful downside runway if selling pressure continues, and the 64% open interest reading confirms this is largely new positioning rather than existing exposure rolling over.

The forward setup for COIN remains challenging heading into the final stretch of 2026. The stock is trading closer to its 52-week floor of $139.11 than its ceiling of $373.25, reflecting a broader reset in crypto-related equities from last year's highs. The January 2027 expiration on this put gives the position enough time to capture any year-end volatility, regulatory developments, or macro shifts that could weigh on digital asset sentiment. Traders will want to watch whether additional bearish flow follows this print or whether it stands as an isolated institutional hedge.

COIN Unusual Options Activity

• Type: Put | Strike: $160 | Expiry: January 15, 2027 | Volume/Size: 1,500 contracts | Open Interest: 64%

The sole unusual contract on the tape today is a put at the $160 strike expiring January 15, 2027, carrying $2,824,500 in total premium. With zero call contracts logged against this single put, the one-sided nature of today's flow is unambiguous. The in-the-money status of the contract at the current price of $159.18 adds urgency to the bearish read, as the buyer is already sitting in a profitable position on entry.

COIN Seasonality

Late October and the November through December window have historically been eventful periods for crypto-adjacent equities, with year-end portfolio repositioning and tax-loss harvesting often amplifying moves in high-beta names like COIN. A January 2027 expiration captures this historically volatile seasonal window in full.

COIN Relative Performance

COIN is down 1.19% on the session as of today, October 28, 2026, underperforming on a day when broader risk appetite is a factor. Sitting at $159.18 against a 52-week range of $139.11 to $373.25, the stock is trading in the lower quartile of its annual range, reflecting persistent underperformance relative to where it stood at its peak over the past twelve months.