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 @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 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, research firm 10x Research, led by Markus Thielen, recommends a pairs trade of shorting Coinbase (COIN) stock while going long on Bitcoin (BTC). The firm's analysis indicates COIN shares are approaching overvaluation, having surged 84% in two months compared to BTC's 14% rise, creating a significant disconnect from fundamentals like trading volume. Thielen noted that a linear regression model shows 75% of COIN's price is explained by BTC's price and trading volumes, suggesting the stock's current premium is stretched and vulnerable to mean reversion. The report also highlights that MicroStrategy's (MSTR) perpetual preferred shares are rallying, potentially as investors front-run the company's anticipated inclusion in the S&P 500 index. According to analyst Jeff Walton, Bitcoin's record monthly close boosts MSTR's earnings per share to a level that qualifies it for the benchmark. The advance in preferred shares like STRK, which has returned 42% since its February launch, is also attributed to their attractive high yields, which currently surpass the Federal Reserve's target rate.

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.