“COIN volumes appear to surge during sell-offs, but fail to bounce back during brief rallies,” Dolev said in a note to clients. “As evidence, average daily trading volume on the COIN platform on Bitcoin down-days was 15% higher than volumes on Bitcoin up-days. In recent months, however, down-day volumes are 42% higher than up-days, or nearly 3x vs. the prior ratio.” Dolev has a neutral rating on COIN with a $45 price target.
