The GraniteShares 2x Long Coinbase Daily ETF (CONL) closed down 6.3% on January 31st, ending the day at $46.29 as Coinbase Global's stock fell 3.19% to $291.69 amid regulatory and market pressures. Coinbase's recent announcement of a major overhaul in its token listing process has sparked industry optimism, but concerns remain over the SEC's regulatory stance under new leadership. Additionally, Coinbase's ongoing legal battles with the FDIC over transparency issues have raised questions about regulatory scrutiny. The broader crypto market is also experiencing volatility, with over $10 billion in Bitcoin and Ethereum options expiring, potentially leading to heightened market fluctuations. President Trump's recent trade war declarations, including tariffs on various goods, have further contributed to market uncertainty, impacting investor sentiment in the crypto space.