Coinbase Global, Inc. closed at $172.35, gaining 7.58%. Large options trades in COIN skewed decisively bullish, led by a $6.55 million bull put spread and supported by a net bullish flow of $16.48 million. Total bullish premium reached $20.14 million versus $3.66 million in bearish flow, reflecting institutional confidence in downside support rather than an aggressive upside chase.

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Options Indicators

COIN’s implied volatility is 73.18%, and with an IV percentile of 51.39%, current option pricing sits in a neutral volatility regime rather than at an extreme. The IV/HV ratio of 1.05 suggests implied volatility is only modestly above realized volatility, indicating the options market is assigning a fairly balanced premium to future movement without showing clear signs of either unusually cheap or unusually expensive pricing.

The Call/Put volume ratio is 2.21.

Large Trades

A bullish bull put spread with a net credit of $6.55 million was the largest displayed trade, built by selling the 170.0 put and buying the 120.0 put for the same 2027-12-17 expiration. With COIN referenced at 172.35, both strikes were out of the money at execution, making this a premium-collection structure that expresses a constructive outlook while defining downside risk. The strategy suggests the trader is willing to take on limited downside exposure as long as the stock holds above the short put strike over time, reflecting a medium- to longer-dated bullish stance rather than an outright aggressive upside chase.

A bearish bear call spread with a net credit of $1.37 million was another notable displayed trade, involving the sale of the 185.0 call expiring 2026-10-16 and the purchase of the 185.0 call expiring 2026-08-21. Both options were out of the money versus the 172.35 spot reference, and the structure was established for premium intake with a cautious-to-bearish directional bias. Strategically, this trade points to expectations that upside will remain capped around the 185 level, or at least that the trader sees limited probability of a sustained rally beyond that zone within the relevant timeframe.

Overall, large-trade sentiment was clearly bullish, with total bullish flow of $20.14 million versus $3.66 million in bearish flow, leaving a net bullish imbalance of $16.48 million. The conclusion is that institutional-sized activity leaned meaningfully to the upside, mainly because the dominant trade was a sizable out-of-the-money bull put spread that collected substantial premium while expressing confidence in downside support. Even though there was a visible bearish call spread in the mix, the broader bulk-order picture still indicates investors were more inclined to monetize volatility and position for stability-to-strength rather than for a major downside move.

Strategy Reference

For traders seeking a low assignment probability with defined risk, selling a shorter-dated put around the 150.0 strike offers a balance of premium collection and distance from spot; alternatively, a bull put spread such as selling the 160.0 put and buying the 140.0 put can reduce margin requirements while maintaining a constructive bias.