According to @EmberCN, analysis from 10x Research, headed by Markus Thielen, indicates that Coinbase (COIN) stock is rapidly approaching an overvaluation threshold. This is attributed to a significant disconnect between the stock's performance and its underlying fundamentals. Specifically, COIN shares have surged 84% in the last two months, while Bitcoin (BTC) has only risen by 14%, and crypto trading volumes remain subdued around $108 billion, as cited in the report. 10x Research's linear regression model suggests 75% of COIN's price is explained by BTC's price and trading volumes, highlighting the current overextension. Consequently, the firm recommends a pair trade for investors: shorting Coinbase shares while simultaneously taking a long position in Bitcoin to capitalize on a potential mean reversion or 'tactical reversal.' While factors like the GENIUS stablecoin bill have provided a tailwind, 10x Research believes this momentum is cooling and has already been priced into the stock, increasing the risk of a local top for COIN.

According to @QCompounding, analysis from 10x Research, led by Markus Thielen, indicates that Coinbase (COIN) shares are rapidly approaching an overvaluation threshold, creating a potential trading opportunity. The research highlights a fundamental disconnect, as COIN's 84% surge in the last two months has significantly outpaced Bitcoin's (BTC) 14% rise and underlying crypto trading volumes. Thielen suggests a pair trade of shorting COIN while going long BTC to capitalize on this dislocation, noting the stock's valuation appears extended and vulnerable to mean reversion. Separately, the report notes that MicroStrategy's (MSTR) perpetual preferred shares are rallying, potentially due to traders front-running the company's anticipated inclusion in the S&P 500 index. This speculation is fueled by Bitcoin's record monthly close, which, according to analyst Jeff Walton, boosts MSTR's earnings to a level that qualifies it for the U.S. equity benchmark.

According to @MilkRoadDaily, analysis from 10x Research, led by Markus Thielen, suggests that Coinbase (COIN) stock is nearing an overvaluation threshold, prompting a recommendation for a pair trade involving shorting COIN and going long on Bitcoin (BTC). Thielen highlights a significant disconnect where COIN shares have surged 84% in two months, while BTC has only risen 14%, and overall crypto trading volumes remain stagnant. The research firm's model indicates that this premium is stretched and vulnerable to mean reversion. This analysis comes as Coinbase announces its acquisition of LiquiFi, a token management platform, a move intended to simplify on-chain development for crypto start-ups. 10x Research suggests the rally in COIN has already priced in factors like Circle's IPO and recent buying momentum, increasing the risk of a local top and making the short COIN/long BTC strategy a potentially winning trade.

According to @QCompounding, analysis from 10x Research indicates that Coinbase (COIN) shares are rapidly approaching an overvaluation threshold, creating a potential trading opportunity. 10x Research notes a significant disconnect between COIN's 84% price surge over two months and its underlying fundamentals, as Bitcoin (BTC) only rose 14% and crypto trading volumes remain modest. Their linear regression model suggests COIN's valuation is extended and vulnerable to mean reversion. Consequently, 10x Research recommends a pair trade: going long on Bitcoin while shorting Coinbase stock. Separately, the report highlights that MicroStrategy's (MSTR) perpetual preferred shares are rallying, potentially in anticipation of the company's inclusion in the S&P 500 index. This speculation is fueled by Bitcoin's high price boosting MSTR's quarterly earnings, which could satisfy the final criteria for index inclusion. The preferred shares have delivered significant returns, such as STRK's 42% gain since February, outperforming both Bitcoin and the S&P 500, while also offering attractive yields starting from 6.6%.

According to @KookCapitalLLC, a compelling pair trade involves shorting Coinbase (COIN) shares while going long on Bitcoin (BTC), as the exchange's stock is approaching a significant overvaluation threshold. Citing analysis from Markus Thielen's 10x Research, the summary notes that COIN's 84% price rally over the past two months has decoupled from both Bitcoin's modest 14% gain and stagnant crypto trading volumes, creating a classic setup for a "tactical reversal." The research firm's model suggests COIN's valuation is extended and vulnerable to mean reversion. Meanwhile, the bull case for Bitcoin is strengthening due to favorable macro conditions, including a weakening U.S. dollar index, a strong 0.80 correlation with Nvidia (NVDA) which recently hit a record high, and mounting recession signals that are leading traders to price in Federal Reserve rate cuts.

According to @QCompounding, analysis from 10x Research suggests a tactical pair trade of shorting Coinbase (COIN) stock while simultaneously holding a long position in Bitcoin (BTC). The research firm, led by Markus Thielen, notes that COIN shares are rapidly approaching an overvaluation threshold, having rallied 84% in the last two months while Bitcoin only gained 14%, creating a significant fundamental disconnect. 10x Research's linear regression model indicates that COIN's stock is overextended relative to Bitcoin's price and crypto trading volumes, making it vulnerable to mean reversion. Thielen suggests that positive catalysts like Circle's potential IPO and recent investor enthusiasm appear to be fully priced in. Separately, the report highlights that MicroStrategy's (MSTR) perpetual preferred shares are rallying, potentially front-running the company's anticipated inclusion in the S&P 500 index following Bitcoin's record-high monthly close which boosted MSTR's earnings profile.

According to @QCompounding, analysis from 10x Research suggests that Coinbase (COIN) shares are rapidly approaching overvaluation, creating a potential pair trade opportunity. The research firm recommends a strategy of shorting COIN while simultaneously going long on Bitcoin (BTC), citing a significant disconnect between the stock's fundamentals and its recent price surge. Specifically, COIN shares have rallied 84% in the last two months, whereas Bitcoin has only increased by 14%, and this rally is not supported by underlying crypto trading volumes, which are hovering around $108 billion, as noted by 10x Research. This deviation indicates that COIN's valuation is extended and at risk of mean reversion. Separately, MicroStrategy (MSTR) and its perpetual preferred shares are experiencing a rally, which may be driven by market anticipation of the company's inclusion in the S&P 500 index. This eligibility follows Bitcoin's record-high monthly close, which, according to analyst Jeff Walton, boosts MSTR's earnings per share to a level that satisfies the final criteria for S&P 500 inclusion. The perpetual preferred shares, such as STRK, have delivered returns outperforming both Bitcoin and the S&P 500 since their launch, while also offering attractive yields that may be drawing investor interest.

According to @QCompounding, analysis from 10x Research suggests that Coinbase (COIN) shares are rapidly approaching an overvaluation threshold, prompting a recommended pair trade of shorting COIN while going long on Bitcoin (BTC). The research highlights a fundamental disconnect, noting that COIN's 84% price surge over the past two months has significantly outpaced both Bitcoin's 14% rise and underlying crypto trading volumes, which hover around $108 billion. A regression model cited by 10x Research indicates that 75% of COIN's stock price is explained by BTC's price and trading volumes, suggesting the current premium is stretched and vulnerable to mean reversion. Separately, MicroStrategy's (MSTR) perpetual preferred shares are experiencing a significant rally, which may be due to investors front-running the company's potential inclusion in the S&P 500 index. Bitcoin's record monthly close reportedly boosted MSTR's earnings to a level that qualifies it for the U.S. equity benchmark, with an official announcement anticipated in September.

According to 10x Research, a compelling pair trade opportunity has emerged, recommending a short position in Coinbase (COIN) and a long position in Bitcoin (BTC). The research firm, headed by Markus Thielen, highlights a significant disconnect between Coinbase's stock performance and its underlying fundamentals. Specifically, COIN shares have surged 84% over the past two months, while BTC has only risen 14%, and crypto trading volumes have not kept pace, hovering around $108 billion. 10x Research's linear regression model, which explains 75% of COIN's stock price through BTC's price and trading volumes, suggests the stock is fast approaching a +30% overvaluation threshold. This deviation indicates Coinbase's valuation is extended and vulnerable to mean reversion, presenting a tactical opportunity for traders to capitalize on the dislocation by shorting COIN while going long on BTC.

According to @QCompounding, analysis from 10x Research indicates that Coinbase (COIN) shares are rapidly nearing an overvaluation threshold. Markus Thielen of 10x Research highlights a fundamental disconnect, noting that COIN's stock has surged 84% over the past two months while Bitcoin (BTC) has only risen 14%, and crypto trading volumes are hovering around $108 billion. The research firm's linear regression model suggests this deviation makes Coinbase's valuation vulnerable to mean reversion. Consequently, 10x Research proposes a pair trade for traders: a short position in COIN combined with a long position in BTC. Separately, the report observes that MicroStrategy's (MSTR) perpetual preferred shares are rallying, potentially in anticipation of the company's inclusion in the S&P 500 index, as Bitcoin's record monthly close has significantly boosted MSTR's earnings per share.

According to @AltcoinGordon, analysis from 10x Research suggests a compelling pair trade of shorting Coinbase (COIN) stock while going long on Bitcoin (BTC). 10x Research notes that COIN's 84% rally over the past two months has significantly outpaced BTC's 14% rise, creating a valuation that is disconnected from fundamentals like crypto trading volumes. The firm's model indicates COIN's stock price is fast approaching an overvaluation threshold, suggesting a "tactical reversal" is likely. Factors such as Circle's IPO and stablecoin legislation appear to be priced in, increasing the risk of a local top for COIN shares, according to the analysis. Conversely, a separate report from Coinbase Research presents a constructive outlook for crypto markets, particularly Bitcoin, in the second half of 2025. This bullish view is supported by a strengthening U.S. economic backdrop, with the Atlanta Fed’s GDPNow tracker rising to 3.8%, as cited in the report. Coinbase Research also points to increasing regulatory clarity from potential legislation like the GENIUS Act and the CLARITY Act, alongside growing corporate adoption and pending ETF decisions, as significant tailwinds for BTC's price.

According to @QCompounding, analysis from 10x Research suggests that Coinbase (COIN) stock is rapidly approaching overvaluation, presenting a tactical opportunity for a pair trade. The firm recommends shorting COIN shares while simultaneously taking a long position in Bitcoin (BTC). This strategy is based on a fundamental disconnect, where COIN's recent 84% price surge has significantly outpaced both Bitcoin's 14% rise and underlying crypto trading volumes, which are hovering around $108 billion. A linear regression model from 10x Research indicates that 75% of COIN's stock price is typically explained by BTC's price and trading volumes, suggesting the current valuation is extended and vulnerable to mean reversion. The report also notes that potential catalysts like Circle's IPO and recent investor frenzies seem to be fully priced in, increasing the risk of a local top for Coinbase stock. For traders, this dislocation can be capitalized on by shorting COIN and going long BTC, or through options strategies like selling a COIN call and buying a BTC call.

According to @QCompounding, analysis from 10x Research, headed by Markus Thielen, indicates that Coinbase (COIN) shares are rapidly approaching an overvaluation threshold, suggesting a prime opportunity for a pair trade. Thielen recommends a strategy of shorting COIN stock while simultaneously taking a long position in Bitcoin (BTC). The rationale is based on a significant disconnect between Coinbase's fundamentals and its recent stock performance; COIN has surged 84% in the last two months, whereas BTC has only risen 14%. According to 10x Research's linear regression model, 75% of COIN's price is explained by Bitcoin's price and trading volumes. However, the stock's rally appears overextended relative to current crypto trading volumes of around $108 billion. Thielen notes that as COIN approaches the +30% overvaluation mark, it becomes vulnerable to mean reversion, making a short position attractive against the more fundamentally sound Bitcoin.

According to @KookCapitalLLC's analysis, current market conditions present unique trading opportunities. NYDIG Research highlights that Bitcoin's (BTC) declining volatility, even as it trades above $108,000, has made options strategies relatively inexpensive. This creates a cost-effective way for traders to position for directional moves ahead of key market catalysts, such as regulatory decisions in July. Concurrently, 10x Research, led by Markus Thielen, advises a pair trade of shorting Coinbase (COIN) and going long on Bitcoin (BTC). They argue that COIN stock is approaching overvaluation, having surged 84% in two months while BTC only rose 14%. According to 10x Research, this rally is disconnected from fundamentals like trading volumes, suggesting COIN's valuation is extended and vulnerable to a reversal.

According to @QCompounding, analysis from 10x Research, led by Markus Thielen, suggests that Coinbase (COIN) shares are rapidly approaching an overvaluation threshold, creating an opportunity for a tactical reversal. The research firm recommends a pair trade involving a short position in COIN and a long position in Bitcoin (BTC). This recommendation is based on a fundamental disconnect, as COIN's 84% surge over the past two months has significantly outpaced both Bitcoin's 14% rise and underlying crypto trading volumes. 10x Research's linear regression model, which explains 75% of COIN's price action through BTC's price and trading volumes, indicates the stock's current valuation is extended and vulnerable to mean reversion. Thielen also noted that traders could use options by selling a COIN call and buying a BTC call to execute the same strategy with defined risk.

According to @StockMKTNewz, analysis from 10x Research, led by Markus Thielen, suggests a pair trade of shorting Coinbase (COIN) stock while simultaneously holding a long position in Bitcoin (BTC). Thielen's research indicates that COIN shares are rapidly approaching an overvaluation threshold, having surged 84% in the last two months while BTC only rose 14%. This rally has created a disconnect from fundamentals, particularly trading volumes. According to 10x's regression model, COIN's price typically rises $20 for every $10,000 increase in BTC and $24 for every $100 billion rise in trading volume. The report states that the current premium is stretched relative to both bitcoin's price and underlying crypto trading volumes, which are hovering around $108 billion. This deviation suggests COIN's valuation is vulnerable to mean reversion, signaling a potential local top for the stock.

According to @QCompounding, analysis from 10x Research, headed by Markus Thielen, indicates that Coinbase (COIN) shares are rapidly approaching an overvaluation threshold, creating a potential setup for a tactical reversal. The research recommends a pair trade involving a short position in COIN and a long position in Bitcoin (BTC). This strategy is based on the fundamental disconnect between Coinbase's soaring share price and its trading volumes. Over the past two months, COIN has surged 84% while BTC has only risen 14%. A linear regression model from 10x Research suggests that 75% of COIN's stock price is determined by Bitcoin's price and trading volumes, but the recent rally appears disconnected from these fundamentals, with crypto trading volumes hovering around $108 billion. Thielen states this deviation makes Coinbase's valuation extended and vulnerable to mean reversion, suggesting traders could capitalize by shorting COIN while going long on BTC, or by using options.

According to @QCompounding, analysis from 10x Research suggests that Coinbase (COIN) stock is rapidly approaching an overvaluation threshold, presenting a compelling pair trade opportunity. The research firm, headed by Markus Thielen, recommends a strategy of shorting COIN shares while simultaneously going long on Bitcoin (BTC). This recommendation is based on a significant fundamental disconnect: COIN's stock has surged 84% in the last two months, whereas Bitcoin has only risen 14%. According to 10x Research's linear regression model, 75% of Coinbase's stock price is explained by Bitcoin's price and trading volumes. The current stock price appears disconnected from these drivers, with trading volumes hovering around $108 billion. Thielen states this deviation suggests COIN's valuation is "extended and vulnerable to mean reversion," making the short COIN, long BTC trade a tactical move to capitalize on the potential correction.

According to Markus Thielen of 10x Research, shares in cryptocurrency exchange Coinbase (COIN) are approaching an overvaluation threshold, presenting a potential trading opportunity. Thielen recommends a pair trade that involves shorting COIN stock while simultaneously taking a long position in Bitcoin (BTC). The analysis highlights a fundamental disconnect, as COIN's share price has surged 84% over the past two months, far outpacing Bitcoin's 14% rise and underlying crypto trading volumes. According to the firm's linear regression model, this deviation suggests Coinbase's valuation is "extended and vulnerable to mean reversion." Thielen also noted that other potential catalysts, such as Circle's IPO and recent investor momentum, appear to be priced in, increasing the risk that COIN shares could be nearing a local top.