Coinbase Global Attracts Bearish Bets Even Amid Crypto Market Slump

Coinbase Global Attracts Bearish Bets Even Amid Crypto Market Slump

Following data showing U.S. inflation had cooled in October, cryptocurrencies recorded gains on Thursday.

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that Coinbase Global Inc. COIN traded 2 times its average daily options volume on Thursday.

Check out other stocks making moves in the premarket.

There were buyers of 26,234 of the November 18 weekly 50 puts at an average price of $4.21 per contract, Khouw mentioned. Traders expect Coinbase Global’s stock to decline by at least 10% by Friday expiration, he added.

COIN Price Action: Shares of Coinbase Global had risen by 10.74% to close at $50.92 on Thursday.

Posted In: CNBCMichael KhouwOptimize AdvisorsShort IdeasOptionsTop StoriesMarketsMediaTrading Ideas