The GraniteShares 1x Short COIN Daily ETF, which inversely tracks the performance of Coinbase, is experiencing a decline due to a notable shift in the cryptocurrency market. Bitcoin, a major asset traded on Coinbase, has seen its rally lose momentum, dropping nearly 5% as of November 27, 2024. This marks the first significant decline since the beginning of November, signaling a potential consolidation phase. Analysts suggest that while Bitcoin's price may resume its upward trajectory, the pace is expected to slow over the coming months. This cooling off in Bitcoin's rally has also led to a shift in capital towards other cryptocurrencies like Ripple and Solana, which are eyeing ETF approvals.
The current price of the GraniteShares 1x Short COIN Daily ETF is $10.29, reflecting a 2.83% decrease from the previous close of $10.59.