Option traders moderately bearish in Coinbase (COIN), with shares down $8.01 near $197.70. Options volume roughly in line with average with 140k contracts traded and calls leading puts for a put/call ratio of 0.62, compared to a typical level near 1.38. Implied volatility (IV30) is higher by 2.1 points near 71.45,in the top quartile of the past year, suggesting an expected daily move of $8.90. Put-call skew steepened, indicating increased demand for downside protection.
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