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.