Benzinga | Jan 18, 2022 11:12AM EST

This Is What Whales Are Betting On Coinbase Global

Someone with a lot of money to spend has taken a bearish stance on Coinbase Global (NASDAQ:COIN).

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with COIN, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 13 uncommon options trades for Coinbase Global.

This isn't normal.

The overall sentiment of these big-money traders is split between 38% bullish and 61%, bearish.

Out of all of the special options we uncovered, 8 are puts, for a total amount of $371,727, and 5 are calls, for a total amount of $252,198.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $200.0 to $520.0 for Coinbase Global over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Coinbase Global's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Coinbase Global's whale trades within a strike price range from $200.0 to $520.0 in the last 30 days.

Coinbase Global Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/ Trade Sentiment Exp. Strike Total Trade Open Volume CALL Type Date Price Price InterestCOIN PUT TRADE BEARISH 09/16/ $220.00 $92.9K 1.0K 135 22COIN CALL TRADE NEUTRAL 01/20/ $200.00 $89.6K 1.0K 16 23COIN PUT SWEEP BEARISH 01/20/ $430.00 $64.5K 19 5 23COIN CALL SWEEP BULLISH 01/21/ $217.50 $51.2K 18 106 22COIN PUT SWEEP BULLISH 01/21/ $215.00 $48.6K 1.2K 362 22

Where Is Coinbase Global Standing Right Now?

* With a volume of 1,249,773, the price of COIN is down -2.66% at $223.91.

* RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.

* Next earnings are expected to be released in 19 days.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.