The GraniteShares 2x Long Coinbase Daily ETF (CONL) closed down 5.67% at $35.29 on December 31, as shares of Coinbase Global, Inc. (COIN) fell 2.91% to $248.12. The decline in Coinbase's stock was influenced by a significant drop in trading volume, which was 85% below its average, indicating reduced investor interest. Despite several analysts raising their price targets for Coinbase in recent weeks, the stock's performance today suggests market skepticism about its near-term prospects. The broader market environment, characterized by concerns over sticky inflation and stretched valuations, may also be weighing on investor sentiment towards high-beta stocks like Coinbase.