The GraniteShares 2x Long Coinbase Daily ETF (CONL) closed down 7.62% at $41.59 on December 23, as shares of Coinbase Global (COIN) fell 3.29% to $269.55 amid weakening momentum in the cryptocurrency market. The decline in Coinbase's stock is part of a broader downturn in crypto-related equities, following a significant rally prior to the November 2024 elections. Investors had initially been optimistic about potential regulatory changes favoring cryptocurrencies, but the excitement has since waned, leading to profit-taking. Additionally, the crypto market experienced substantial outflows, with CoinShares reporting a $1 billion outflow over the last two days of the previous week, coinciding with a hawkish Federal Reserve outlook. Despite these outflows, Bitcoin managed to secure net inflows, indicating some investor confidence in its long-term potential. However, the overall sentiment remains cautious, with investors seeking new catalysts for growth in the sector.