Coinbase closed at $180.39, up 0.56%, after fluctuating between $176.80 and $184.23 on turnover of roughly 9.16 million shares.

The session’s most prominent options activity was a single bullish put sale valued at $1.89 million, executed at the $175.00 strike. This large out-of-the-money trade dominated the flow and suggested institutional confidence that Coinbase will hold above key support, with the trader prioritizing premium collection while remaining open to share accumulation on any downside probe.

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Options Indicators

Coinbase currently has an implied volatility of 68.62%, while its IV percentile stands at 32.27%, which places current option pricing in a broadly neutral volatility regime rather than an extreme low or high. With the IV/HV ratio at 0.97, implied volatility is very close to realized volatility, suggesting options are being priced fairly relative to the stock’s recent actual movement, without a meaningful premium or discount embedded at the moment. The Call/Put volume ratio is 1.60.

Large Trades

A put sale worth $1.89 million stood out as the key large trade, with 1,500 contracts sold on the November 20, 2026 $175.00 put. With COIN referenced at $180.39, this strike was out of the money at the time of the trade, making it a moderately bullish income-style position. By selling the put, the trader is expressing a view that shares are likely to stay above $175.00 through expiration, while also being willing to accumulate stock effectively near that level if assigned. The structure suggests confidence in downside support and a preference to collect premium rather than pay for upside exposure.

Overall, the large-trade flow was clearly bullish. The only notable block was an out-of-the-money put sale, which typically reflects constructive sentiment, premium collection, and a willingness to own the stock on weakness rather than fear of a sharp breakdown. Taken together, the bulk-order activity points to expectations that COIN can remain stable to higher over the medium term, with institutional positioning indicating confidence in support around the $175.00 area.

Strategy Reference

For a low assignment probability, sellers could look further out of the money to a put strike near $150.00, while traders preferring limited margin exposure may consider a put credit spread such as selling the $175.00 put and buying the $150.00 put in the same expiration.