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Why is CONL Down Today After Insider Sales

The GraniteShares 2x Long Coinbase Daily ETF (CONL) closed down 1.1% at $37.59 on January 10, as its underlying asset, Coinbase Global Inc. (COIN), faced a 0.50% decline to $258.70. The drop in Coinbase shares was influenced by The Goldman Sachs Group lowering their price target from $397.00 to $340.00, maintaining a neutral rating. This adjustment reflects a cautious outlook amid broader market uncertainties. Additionally, insider selling activity, including Frederick Ernest Ehrsam III's sale of 22,842 shares, has contributed to negative sentiment. The broader cryptocurrency market is also under pressure, with the U.S. Department of Justice planning to sell 69,370 Bitcoin, worth approximately $6.4 billion, which has historically led to short-term price corrections. Bitcoin's Options Open Interest has reached historic lows, indicating a cautious stance among traders.