COIN
Coinbase Global, Inc.Close $155.50EOD onlyThis page reflects COIN options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Historical consensus-supported lens with full content, report chain context, and metric rail.
Outlook
Bearish 1-2wks. High vol, trending gamma, spot below MP, neg GEX favor downside to $136. VIX 20 moderates.
Conflicts: Spot below MP; mixed flow; DEX positive.
Regime Classification
Price Range Forecast
Key Levels
Dealer Positioning (GEX/DEX)
GEX: $-3.4M
DEX: +29.2M shares
Gamma flip: ~$125 (Approx — based on put OI concentration of 15,515 (19.6% below spot))
NTM gamma: GEX -$3.4M, DEX +29.2M, flip $125.
IV Analysis
IV vs VIX: Rich vs VIX20
Term structure: Front-end high
Skew: Put skew high, sell puts >$140.
Flow Analysis
Net premium: Heavy net selling of options: net premium -$91.1M, put/call vol ratio 0.81 (more calls), but overall bearish given negative premium and market drop.
Directional prints: 72.7 put 152.5 OTM 2026-06-12 — Vol 1145 vs OI 572 (2.0x). Likely bought (bearish) as ITM put; could be sold to close, but preferred read is bearish speculation. 71.9 call 162.5 OTM 2026-06-12 — Vol 1451 vs OI 598 (2.4x). Likely bought (bullish) betting on bounce; could be sold to close, but preferred read is bullish. 73.5 call 152.5 ITM 2026-06-12 — Vol 446 vs OI 154 (2.9x). Likely bought (bullish); preferred read is bullish given high vol/OI and near ATM.
Unusual: 87.3 put 85 OTM 2026-08-21 — Vol 1145 vs OI 249 (4.6x) — extremely unusual for deep OTM put. Could be bearish speculation or hedge; preferred read is bearish sentiment. 343 call 820 OTM 2026-06-18 — Vol 763 vs OI 256 (3.0x) — lottery ticket with extreme IV (343%). Likely speculative buy, low probability. 112.1 put 95 OTM 2026-06-26 — Vol 529 vs OI 174 (3.0x) — unusual deep OTM put buying. Preferred read: bearish tail risk hedge.
Risks & Catalysts
Strategy Viability
| Strategy | Edge | Best Setup | Primary Risk |
|---|---|---|---|
| Bear put spread | Moderate-Strong | Buy 2026-08-21 $150.00/$130.00 put spread Why now: Negative GEX, spot below MP, heavy put selling suggests further decline. | Upside gap or short squeeze above $162. |
| Long put | Moderate-Strong | Buy 2026-08-21 $140.00 put Why now: High IV amplifies directional returns; put flow supports bearish conviction. | Time decay accelerates if spot stabilizes. |
| Put calendar | Moderate | Sell 2026-06-26 $140.00 put / buy 2026-08-21 $140.00 put Why now: Term structure steep; near-term put premium elevated, back-month cheaper on vol decay. | Sharp rally near-term could hurt short leg. |
Top Plays
Watchlist Triggers
Tactical Summary
Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.
Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.
These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.