Just finished reviewing $COIN 's options/odds data for today: 179.89, with only 4.2M in volume traded. The liquidity is paper-thin. The fact that this kind of volume can still push price and it’s stubbornly not dropping is, by itself, a signal.
I’m looking at the other side—the Fed’s overnight reverse repo pool has shrunk by another $60 billion this week. The idle money in the market is moving into risk assets. As the most liquid name among crypto stocks, $COIN usually responds first when the macro liquidity level changes. Don’t expect it to violently rally right away, but there really isn’t much downside left.
At this price level, the longer it chops sideways, the more it looks like it’s building momentum. My own view is that over the next two weeks, if $COIN can hold 175, the probability of a push toward 190 is much higher than the probability of breaking below 165. When volume is this low, direction often follows external liquidity.
#Coinbase
I’m looking at the other side—the Fed’s overnight reverse repo pool has shrunk by another $60 billion this week. The idle money in the market is moving into risk assets. As the most liquid name among crypto stocks, $COIN usually responds first when the macro liquidity level changes. Don’t expect it to violently rally right away, but there really isn’t much downside left.
At this price level, the longer it chops sideways, the more it looks like it’s building momentum. My own view is that over the next two weeks, if $COIN can hold 175, the probability of a push toward 190 is much higher than the probability of breaking below 165. When volume is this low, direction often follows external liquidity.
#Coinbase