In Wednesday’s Blitz Daily with Lance Ippolito, we take a look at trading platform Coinbase as a liquidity crisis threatens cryptocurrency valuations.
A combination of midterm election results and an ongoing cryptocurrency meltdown weighed down markets Wednesday.
Tech and growth names led the way lower, with the Nasdaq dropping more than 2% by midday after a deal to acquire cash-strapped crypto exchange FTX fell through — Joy of the Trade’s Jeff Zananiri covered all of the dirty details in this week’s WealthPress Live Roundtable…
The news triggered a tidal wave of bearish activity for tech- and crypto-related assets, especially for other crypto exchanges like Coinbase.
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My scanners spotted several downside bets rolling in on COIN, with one institutional trader sweeping up about 1,750 contracts of the Jan. 20, 2023 expiration, $22.50 strike put for around $300,000 in premium…
With shares trading above the $46 mark, the stock would need to plummet over 51% to finish in the money!
And that’s not the only doomsday crypto bet hitting the tape Thursday…
- Meta Platforms Inc. (Nasdaq: META): Nov. 11, $105 CALL.
- Marathon Digital Holdings Inc. (Nasdaq: MARA): Nov. 18, $10 PUT.
- Coinbase Global Inc. (Nasdaq: COIN): Jan. 20, 2023, $22.50 PUT.
- MicroStrategy Inc. (Nasdaq: MSTR): Nov. 11, $150 PUT..
Check out my short video as I break down the day’s most unusual options order flow in no time flat!
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Blitz Daily With Lance Ippolito
At Weekly Blitz Alerts, we follow the big fish and what they’re buying. And we do that with my proprietary Blitz Scanner, which alerts me to big, institutional order flow through the day. Then we get in on these plays and follow the “smart money.”
The Blitz Daily with Lance Ippolito is where I go over a few options trades that hit the Blitz Scanner each day, Monday through Thursday. I break down the trades with the sexiest order flow and tell you what could happen with those stocks by the next day’s opening bell.*
If you want in on these explosive options plays, be sure to sign up for Weekly Blitz Alerts! We send entry, profit targets and exits directly to you via text and email alerts.
In the meantime, you can follow me @LanceIppolito on Twitter, Instagram and our YouTube channel for more trading insights and tips. And as always, you can find me right here talking stocks and options trading on WealthPress.com!
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
