Option traders moderately bearish in Coinbase (COIN), with shares down $3.27 near $195.36. Options volume relatively light with 78k contracts traded and calls leading puts for a put/call ratio of 0.43, compared to a typical level near 1.24. Implied volatility (IV30) is higher by 0.3 points near 70.47,in the top quartile of the past year, suggesting an expected daily move of $8.67. Put-call skew steepened, indicating increased demand for downside protection.
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