Morgan Stanley just nuked $COIN 53% — price target slashed from $258 to $120, downgraded to underweight.
The thesis? Trading volumes are dead, revenue outlook is cooked, and the $6.3B Binance breach spooked institutional confidence.
Analyst Michael Cyprys basically said the earnings recovery story is over. Macro liquidity drying up + exchange FUD = pain for CEX equity plays.
If you're long $COIN equity, this is your exit liquidity signal. If you're trading on-chain, this confirms what we already knew: CEX dominance is fading and capital is rotating.
The thesis? Trading volumes are dead, revenue outlook is cooked, and the $6.3B Binance breach spooked institutional confidence.
Analyst Michael Cyprys basically said the earnings recovery story is over. Macro liquidity drying up + exchange FUD = pain for CEX equity plays.
If you're long $COIN equity, this is your exit liquidity signal. If you're trading on-chain, this confirms what we already knew: CEX dominance is fading and capital is rotating.