The GraniteShares 1x Short COIN Daily ETF (CONI) rose to $10.30, up 3.41% as of 10:27 AM ET on November 26th. The upward movement in CONI is closely tied to the performance of Coinbase (COIN), which has been experiencing a decline. Coinbase's stock fell about 1.2% as Bitcoin retreated from its recent highs, dropping below $93,000 early Tuesday. This pullback in Bitcoin, after failing to break the $100,000 resistance level, has led to increased inflows into short Bitcoin ETFs, indicating a hedging strategy against potential downside risks. The ProShares UltraShort Bitcoin ETF saw its largest inflows since April, reflecting a growing sentiment of caution among traders. Additionally, the options market for Coinbase has shown significant activity, with a mix of bullish and bearish trades, suggesting uncertainty about the stock's near-term direction.