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COIN

Coinbase Global, Inc.Close $191.29EOD only

Max Pain

$192.50

Next expiry May 22, 2026

Expected Move

±$8.47

4.4% from close

Price Gap

+1.21

Distance to max pain

IV Rank

Low premium

P/C OI

0.73

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects COIN options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

COIN Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from March 31, 2026. A newer flow report is available for May 14, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 large put premium dominance; +1 spot below max pain; +0.5 GEX pinning; -1 high IV suggests hedging

Watch next session: $170 put OI defense; Any call buying surge at $180-$190

Flow Summary

Net premium: -$168.7M bearish

P/C volume ratio: 1.00 — perfectly balanced volume

P/C OI ratio: 0.73 — moderate call lean in positioning

Massive net negative premium driven by deep OTM put sales, creating a bearish flow bias despite balanced volume. The market is positioned for a pin near $170, but large, distant put positions suggest significant tail-risk hedging.

Notable Prints

COIN 2026-04-02 $170 Put

Vol: 6,319

OI: 2,176

Vol/OI: 2.9x

IV: 47.9%

Notional: ~$10.8M (premium est.)

Intent: Directional bet or protective hedge near key gamma level

Dual read: Bought (bearish) or sold (neutral/bullish)

Read-through: Heavy volume at the $170 strike, which is the gamma flip estimate and a major OI cluster. Given the overall bearish premium flow and spot below max pain, leaning towards put buying for downside protection or a directional bet.

COIN 2026-04-02 $165 Put

Vol: 4,590

OI: 1,213

Vol/OI: 3.8x

IV: 54.4%

Notional: ~$7.3M (premium est.)

Intent: Fresh directional put buying below the gamma flip

Dual read: Bought (bearish) or sold (neutral/bullish)

Read-through: High volume and vol/oi ratio suggests new positioning. This strike is below the estimated $170 gamma flip, targeting a move to the next key support. Consistent with a bearish breakout thesis.

COIN 2026-07-17 $400 Call

Vol: 3,009

OI: 616

Vol/OI: 4.9x

IV: 70.3%

Notional: ~$168K (premium est.)

Intent: Lottery ticket call buying or part of a complex spread

Dual read: Bought (bullish leverage) or sold (premium collection)

Read-through: Despite the high vol/oi, the notional value is small relative to the massive put flows. Likely retail speculation or a leg of a far OTM risk reversal, not a primary directional signal.

COIN 2026-04-17 $250 Put

Vol: 1,527

OI: 488

Vol/OI: 3.1x

IV: 82.1%

Notional: ~$12.6M (premium est.)

Intent: Tail-risk hedging or speculative put buying

Dual read: Bought (bearish hedge) or sold (premium collection)

Read-through: High IV and large notional value. This is a meaningful position for downside protection well below spot, contributing to the massive negative net premium. Suggests institutional concern over a sharp drop.

Institutional Positioning

Call additions: Minimal near-term call flow. Some interest in $187.50-$197.50 calls for April, but size is dwarfed by put activity.

Put additions: Concentrated at $165-$175 for April 2nd expiry, and significant OTM hedging at $250 (April) and $400 (June).

GEX/DEX consistency: Yes — Positive GEX (+$15.8M) aligns with pinning flow near $170. The bearish premium flow (puts) is offsetting the gamma-providing calls, creating a mean-reverting regime.

OI clusters: Major call walls at $170 (14.1K OI) and $190 (11.6K OI). Major put wall at $170 (6.9K OI). This creates a strong magnet/pin zone around $170.

Hedging evidence: Strong evidence. Massive premium in deep OTM puts ($250, $370, $380, $400) indicates significant tail-risk hedging or premium selling. The $95 Put for April 10th (IV 129.7%) is a clear hedge or speculative disaster bet.

Max pain context: Spot ($174.61) is 5.6% below the nearest max pain ($185). This pressures dealers to buy to hedge their short puts, supporting the pinning action. The rising MP trend suggests longer-term positioning is shifting higher.

Signal vs Noise

~The massive negative net premium is heavily skewed by deep OTM put sales (e.g., $370, $380, $400). This is likely institutional tail-risk hedging or premium selling, not a direct near-term directional bet.

~High-volume, low-IV prints in the $172.50-$175 puts for April 2nd (IV 35-43%) could be closing trades or rolls ahead of expiry, given the pinning action.

~The $400 Call and other deep OTM calls (e.g., $480, $880 OI) are likely legacy positions, speculative lottery tickets, or spread legs, not fresh bullish conviction.

Key Conclusions

⚠️Flow is bearish-leaning with massive put premium dominance, but spot is pinned by positive GEX near $170.

🧲$170 is the critical gamma flip and OI cluster. A break below targets $165, then $160.

🛡️Institutions are heavily hedged via deep OTM puts, indicating concern over volatility and tail risk.

📈Longer-term max pain trend is rising ($185 → $200), conflicting with near-term bearish flow.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.