Crypto-related stocks are bouncing today after Bitcoin hit a 19-month high
Shares of Coinbase Global Inc (NASDAQ:COIN) are 7.5% higher at $143.85, trading at their highest level since April 2022 after Bitcoin (BTC) notched a 19-month higher earlier today, surpassing to the $41,000 mark. Recently guided higher by its 10-day moving average, COIN just logged its fifth-straight weekly win and now stands more than 300% higher year to date.
Even before BTC's rise, Coinbase Global stock was already popular in the options pits, as it takes a place on Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that attracted the highest weekly options volume in the last 10 days. Over the last two week, the security saw 1,527,502 calls and 1,035,966 puts exchanged during this time. The most popular contract over this period was the weekly 12/1 130-strike call.
This uptick in options interest is carrying into today's trading, too. So far, COIN has seen 158,000 calls and 101,000 puts cross the tape -- double the amount that is typically seen at this point. New positions are opening at the top seven most popular contracts, led by the weekly 12/8 150-strike call.
Calls have ruled the roost for some time now. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Coinbase Global stock's 50-day call/put volume ratio of 1.53 ranks higher than 97% of readings from the past year, showing the rate of call buying is near annual highs.