24/7 Wall Street
06 Jun 2026, 18:15 UTC · 2h ago
CONL Lost 67% Year to Date While Coinbase Fell 33%, Exposing the Volatility Tax in Daily-Reset Leverage
24/7 Wall Street
06 Jun 2026, 18:15 UTC · 2h ago
Story key points
5 claims · impact-rated
The upcoming SpaceX IPO on June 12 may draw approximately $22.5 billion in retail capital away from the crypto market. — A significant rotation of speculative retail capital out of crypto into a new equity offering creates a strong liquidity headwind for crypto-linked assets.
-0.60Coinbase (COIN) reported Q1 2026 revenue of $1.41 billion, missing consensus and falling 30.5% year-over-year. — The significant revenue miss and YoY decline indicate deteriorating fundamentals and reduced trading volumes.
-0.50US 2-year Treasury yields reached a 16-month high of 4.16% following a May payrolls report of 172,000. — Rising short-term yields typically increase the cost of capital and reduce the attractiveness of high-beta risk assets like Bitcoin and Coinbase.
-0.40Continue reading
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The GraniteShares 2x Long COIN Daily ETF (CONL) has declined 80% over the trailing year due to volatility decay and the underlying stock's drop. — Demonstrates the extreme risk and erosion of capital in leveraged crypto-equities during choppy or bearish regimes.
-0.30Coinbase is currently trading at a trailing P/E of 60 and a forward P/E of 79 with a beta of 3.32. — High valuation multiples combined with high volatility (beta) leave the stock vulnerable to sharp corrections if growth slows.
-0.20Ticker attribution
Model heads
The company experienced a significant stock price drop, missed revenue and earnings estimates, and faces headwinds from declining crypto volumes.
Mentioned positively in the context of an analyst who successfully called the stock in 2010.
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