As per the latest filing by Coinbase including a “new risk factor” for crypto holder is that your crypto assets could be seized to satisfy creditors in case of bankruptcy by COIN. Aren’t the crypto holders consider creditors too?
COIN’s CEO assured investors that there is no risk of bankruptcy. However, in the short term this might scare coinbase crypto holders. I think puts can be a good short play.
COIN’s run was likely more about short covering than BTC price increases. SI has decreased from 26% to 16%. Fundamentals still shot, so not like this reduction in pressure should see prices keep rising on the back of said financials.
The spreads were up about 30%. I was not expecting such a quick fall, else naked puts would have been much better.
Unsure if will hold or liquidate - will decide on Mon based on what price action looks like. If it falls more, will prob lock in profits, and roll down. If it rises, then will hold into Sep.
