The GraniteShares 1x Short COIN Daily ETF (CONI) is experiencing price movement influenced by the underlying performance of Coinbase and the broader cryptocurrency market. Recent data indicates that Bitcoin, a key driver of sentiment in the crypto space, has faced significant selling pressure. According to CryptoQuant, long-term holders have offloaded over 728,000 Bitcoin in the past month, marking the largest sell-off since April. This massive liquidation, valued at approximately $67 billion, has contributed to a volatile market environment, impacting crypto-related equities like Coinbase.
Additionally, Bitcoin's price dynamics have been affected by leveraged trading activities. The market's recent downturn is partly attributed to high funding rates, which have led to forced liquidations as traders rush to cover leveraged positions. This has created a challenging environment for crypto assets, with Bitcoin's price dropping below key psychological levels. The broader crypto market's volatility, coupled with these leveraged trading pressures, has influenced the performance of Coinbase, thereby affecting the GraniteShares 1x Short COIN Daily ETF.
The GraniteShares 1x Short COIN Daily ETF (CONI) is currently priced at $10.38, reflecting a 1.98% decrease from the previous close.