COIN
Coinbase Global, Inc.Close $191.29EOD onlyThis page reflects COIN options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 2, 2026. A newer flow report is available for May 14, 2026.
View latest reportFlow Verdict
Watch next session: Defense of $170 put OI (6,916) vs. $172.5 call OI; Follow-through on the $185 call block (7,361 volume)
Flow Summary
Net premium: -$143.1M bearish
P/C volume ratio: 0.58 — call-dominant volume
P/C OI ratio: 0.73 — moderate call lean
Notable Prints
Read-through: This is the highest single-strike volume in the near-term. It targets a move above the $180-$185 resistance zone (max pain for 3/27 was $185). Given the high vol/oi and moderate IV, this is likely new bullish positioning betting on a rebound toward $185.
Read-through: Extremely high vol/oi and IV. This is a deep OTM put (~24% below spot). The high premium suggests buying, not selling. This is a meaningful hedge against a severe downside move, consistent with the institutional bearish hedging theme.
Read-through: Massive volume, but lower notional than the $185C due to lower premium. This strike is just above spot, targeting an immediate breakout. The flow aligns with the $185C, suggesting a coordinated bullish bet on a move to $177.50-$185.
Read-through: High volume below the key $170 gamma flip. If bought, this targets a break below $170 and a move toward $160. It provides a bearish counterpoint to the near-term call flow, indicating some are positioning for further downside.
Read-through: Extremely high IV and meaningful notional. This is a continuation of the deep OTM hedging seen in prior reports. It's a major contributor to the negative net premium and signals persistent institutional concern over volatility and left-tail risk.
Institutional Positioning
Call additions: Near-term calls at $177.50 and $185 for April 10th expiry. Some interest in $180 calls for May 1st.
Put additions: Deep OTM puts at $130 (April 10th) and $250 (April 17th). Closer puts at $160-$167.50.
GEX/DEX consistency: Partially. Positive GEX (+$5.0M) supports pinning near $170, aligning with the large OI clusters. However, the massive negative premium flow (bearish) conflicts with the stabilizing effect of GEX.
OI clusters: Major call wall at $170 (14,101 OI) and $190 (11,607 OI). Major put wall at $170 (6,916 OI). This creates a powerful magnet/pin zone. The $170 strike is the estimated gamma flip.
Hedging evidence: Strong evidence. The top premium flow strikes are all deep OTM puts ($370, $380, $250, $640) generating massive negative net premium. This is institutional tail-risk hedging or volatility positioning, not a direct near-term directional bet.
Max pain context: Spot ($171.46) is below the nearest max pain ($185 for 3/27, $170 for 4/2). The rising MP trend ($185 → $200) suggests longer-term positioning is bullish, conflicting with near-term bearish flow and spot price action.
Signal vs Noise
Key Conclusions
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