Mixed options sentiment in Coinbase (COIN), with shares down $4.63 near $192.05. Options volume relatively light with 67k contracts traded and calls leading puts for a put/call ratio of 0.66, compared to a typical level near 0.57. Implied volatility (IV30) dropped 1.92 near 75.42, in the highest 10% of observations over the past year, suggesting an expected daily move of $9.12. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Coinbase (COIN) will report earnings after the close on 2026-05-07.Option markets are pricing in a 50% probability of a move greater than 8.17% or $15.69.
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