COIN, MSTR, and RIOT pivoted lower despite initially rising
It's official: Bitcoin (BTC) exchange-traded funds (ETFs) are now here. Both Grayscale Bitcoin Trust (GBTC) and iShares Bitcoin Trust (IBIT) are seeing strong activity on their first day of trading, and drawing attention to crypto-adjacent stocks. Though Coinbase Global Inc (NASDAQ:COIN), MicroStrategy Inc (NASDAQ:MSTR), and also Riot Platforms Inc (NASDAQ:RIOT) initially advanced after this market debut, they have since pivoted lower, succumbing to broad market pressure.
COIN Tests Supportive Trendline
COIN was last seen down 6.6% to trade at $141.38, though the 40-day moving average looks ready to contain today's pullback. The stock is cooling off from a Dec. 28 52-week high of $187.39, but boasts a jaw-dropping 233.4% year-over-year lead.
Options volume is running at double the intraday options activity today, with 154,000 calls and 123,000 puts exchanged so far today. Expiring tomorrow, options are being opened at the weekly 1/12 140-strike put and 160-strike call, which are also the most popular contracts.
MSTR on Track for 6th Loss in 7
MSTR is down 5.5% at $534.64 at last check, and testing a familiar floor at the $540 region. Shares are still relying on support from their 60-day trendline, despite being on track for a sixth loss in seven sessions following a Jan. 2, two-year peak of $727.77. In the last 12 months though, MSTR added 177.2%.
So far today, 23,000 calls and 11,000 puts have traded hands, or double the intraday average volume. The most active contract is weekly 1/12 600-strike call, where new positions are being opened.
RIOT Eyes 3rd-Straight Loss
RIOT is by far the worst performer of the bunch, last seen down 14% to trade at $13.38, on track for its third-straight session in the red, and its worst single-day percentage drop since Dec. 29. Nevertheless, the security added more than 155% over the past year.
Put volume is running at triple the intraday average volume, but bullish bets are still winning out, with 182,000 calls and 74,000 puts across he tape today. Positions are opening at the most popular contract, which is by far the weekly 1/12 17-strike call.