Coinbase Global, Inc. closed at 174.96 USD, down 1.05%.

Despite the modest pullback in shares, the options market delivered a distinctly bullish message through large-trade activity. The most significant prints were concentrated in out-of-the-money call spreads with net debits, indicating that traders were paying premium to participate in a measured rebound. Rather than chasing momentum with outright call buying or leveraged contracts, participants targeted defined-risk upside structures at $180.00-$187.50 and $195.00-$202.50. The flow suggests a constructive view that COIN may extend gains into those zones, while keeping risk clearly capped through short upper-strike calls.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

COIN’s implied volatility is 67.33%, while its IV percentile stands at 31.35%, which places current volatility expectations in a broadly neutral zone rather than an extreme one. Even though the absolute IV level is still high, the IV/HV ratio of 0.88 suggests implied volatility is slightly below realized volatility, indicating options are not being priced aggressively at the moment and appear relatively reasonable rather than richly valued. The Call/Put volume ratio is 3.94, underscoring the bullish tilt in the session’s order flow.

Large Trades

A bullish call spread with a net debit of $452 thousand was the largest displayed trade, built by buying 2,000 Sep. 11, 2026 $180.00 calls and selling 2,000 Sep. 11, 2026 $187.50 calls. With COIN referenced at $174.96, both call strikes were out of the money, making this a defined-risk upside wager that profits if the stock advances toward or through the spread. The net debit structure shows the trader was willing to pay premium for upside exposure while partially financing the position through the short higher-strike calls, which caps maximum upside but lowers entry cost and points to a measured bullish view rather than an open-ended chase.

A call spread package with a net debit of $87 thousand was the other displayed large trade, consisting of long Sep. 4, 2026 $195.00 calls against short Sep. 4, 2026 $202.50 calls across two matched size blocks. Because the structure includes both bought calls and sold calls at different strikes, it is a call spread strategy rather than outright call accumulation, and the debit paid indicates a bullish directional bet rather than premium collection. With COIN at $174.96, both strikes were out of the money, so the trader is targeting a sharp near-term upside move into the $195.00-$202.50 zone while keeping risk defined and reducing premium outlay by selling the higher strike.

Overall, the large-trade flow leans clearly bullish on COIN. The dominant activity was concentrated in net-debit call spreads, showing traders were paying premium for upside participation while consistently using higher-strike call sales to control cost and define risk. That pattern suggests constructive sentiment with expectations for further gains, but also a disciplined view that upside may be meaningful yet bounded rather than unlimited.

Strategy Reference

For traders seeking a lower assignment probability on a short call, a strike above $202.50 remains consistent with the flow’s bounded-view thesis, while a long call spread replicating the $180.00-$187.50 structure provides a defined-risk bullish exposure without requiring the full margin of a naked put or call.