10x Research: Coinbase Stock Price Approaching Overvalued Range, Suggests Shorting COIN and Long Bitcoin Strategy

BlockBeats News, June 27th, according to Coindesk, Markus Thielen, founder of 10x Research, said on Friday that the stock price of Coinbase, a cryptocurrency exchange platform listed on Nasdaq (ticker symbol COIN), is rapidly approaching overvaluation threshold. He suggested implementing a pair trading strategy: short COIN while being long on Bitcoin.

Markus Thielen stated that Coinbase's fundamentals, especially the growth in trading volume, have failed to keep up with its stock price surge, and the stock price is rapidly approaching overbought levels, which is a typical "tactical reversal" setup.