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COIN

Coinbase Global, Inc.Close $193.56EOD only

Max Pain

$192.50

Next expiry May 22, 2026

Expected Move

±$5.59

2.9% from close

Price Gap

-1.06

Distance to max pain

IV Rank

Low premium

P/C OI

0.75

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

COIN Flow Report

Analysis based on market close April 6, 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 April 6, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

5.5 / 10

base 5; +1 GEX positive (pinning); -0.5 net premium bearish; +0.5 P/C volume ratio extreme

Watch next session: $170 gamma flip level; Put flow at $175 (near-term max pain); IV term structure for 4/10 vs 4/17 expirations

Flow Summary

Net premium: -$64.2M bearish

P/C volume ratio: 0.47 — extreme call-dominant

P/C OI ratio: 0.72 — moderate call lean

Massive net premium outflow (-$64.2M) contradicts extreme call volume dominance (P/C 0.47). This suggests large institutional put buying or call selling, creating a bearish flow regime despite high call volume.

Notable Prints

COIN 2026-06-18 $170 Call

Vol: 12,135

OI: 572

Vol/OI: 21.2x

IV: 76.0%

Notional: ~$3.2M (12,135 × $26.08 × 100)

Intent: Fresh directional call buying or call spread leg

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

Read-through: Large block in ITM call with high volume/OI ratio suggests new position; given net premium bearish, could be part of a bear call spread or overwriting.

COIN 2026-04-10 $175 Put

Vol: 2,911

OI: 444

Vol/OI: 6.6x

IV: 77.0%

Notional: ~$1.7M (2,911 × $5.70 × 100)

Intent: Protective put buying or directional bearish bet

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

Read-through: ITM put with high volume/OI ratio at near-term max pain ($175 for 4/24); aligns with net premium outflow and pinning regime.

COIN 2026-04-10 $172.50 Put

Vol: 1,477

OI: 457

Vol/OI: 3.2x

IV: 77.9%

Notional: ~$676K (1,477 × $4.58 × 100)

Intent: Near-term hedge or directional put

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

Read-through: OTM put just below spot; adds to put flow concentration around $170-$175 support zone.

COIN 2026-04-10 $197.50 Call

Vol: 377

OI: 112

Vol/OI: 3.4x

IV: 74.7%

Notional: ~$13.6K (377 × $0.36 × 100)

Intent: Lottery ticket call buying or spread leg

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

Read-through: Small notional OTM call; likely noise or part of a defined structure given low dollar value.

COIN 2026-09-18 $95 Put

Vol: 1,020

OI: 617

Vol/OI: 1.6x

IV: 83.1%

Notional: ~$535K (1,020 × $5.25 × 100)

Intent: Far OTM protective put or tail hedge

Dual read: Bought (bearish hedge) or sold (neutral)

Read-through: Deep OTM put (46% below spot) with elevated IV; likely portfolio insurance rather than near-term directional bet.

Institutional Positioning

Call additions: $170-$185 calls across near-term expirations (4/10, 4/17, 4/24)

Put additions: Protective $170-$175 puts (near-term), far OTM $95 puts (9/18)

GEX/DEX consistency: No — positive GEX (+$15.6M) contradicts bearish net premium flow, indicating mixed positioning

OI clusters: $170 call wall (14,206 OI), $185 call wall (7,519 OI), $170 put cluster (7,151 OI)

Hedging evidence: Yes — concentrated put OI at $170 (7,151) and far OTM $95 puts suggest hedging activity

Max pain context: Near-term max pain at $170 (4/10), $180 (4/17), $175 (4/24); spot at $174.79 between pins, favoring drift toward $170

Signal vs Noise

~High-volume $170 call (12,135 volume) on 6/18 expiration could be part of a calendar spread or roll, not pure directional bet

~Small OTM calls like $197.50 (4/10) with low notional (~$13.6K) are likely lottery tickets or spread legs, not institutional flow

~Far OTM $95 puts (9/18) are tail hedges, not near-term directional signals

~IV term structure shows steep inversion: 4/10 ATM IV 77.7% vs 4/17 ATM IV 72.8% (4.9pp differential). This suggests volatility-based strategies like short calendar spreads at strikes like $175 are prominent, explaining some unusual activity as part of defined structures rather than directional bets.

Key Conclusions

⚠️Net premium -$64.2M bearish contradicts extreme call volume (P/C 0.47), signaling institutional put buying/call selling

📌Gamma pinning regime with positive GEX (+$15.6M) creates magnet at $170-$175; spot likely drifts toward $170 max pain

🛡️Hedging evident via $170 put cluster (7,151 OI) and far OTM $95 puts, suggesting downside protection

📊IV term structure inversion: 4/10 ATM IV 77.7% vs 4/17 ATM IV 72.8% (4.9pp differential) presents opportunity for short calendar spreads (e.g., sell 4/10 $175C, buy 4/17 $175C) to capitalize on rapid IV decay

How to Use These Reports

This flow reflects the market close on April 6, 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.