Option traders moderately bearish in Coinbase with shares down 9.96%

Option traders moderately bearish in Coinbase (COIN), with shares down $16.80 near $151.82. Options volume running well above average with 233k contracts traded and calls leading puts for a put/call ratio of 0.66, compared to a typical level near 0.89. Implied volatility (IV30) is up nearly 14.0 points near 88.64, in the highest 10% of observations over the past year, suggesting an expected daily move of $8.48. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Coinbase (COIN) will report earnings after the close on 2026-02-12.Option markets are pricing in a 50% probability of a move greater than 11.98% or $18.19.