COIN is trading at 3.2% down now at $253.39 after a sharp decline in major cryptocurrencies and notable bearish sentiment in the options market. Bitcoin is down 3.87% and Ethereum is down 5.82% today, putting pressure on crypto-related equities. Additionally, options market data shows deep-pocketed investors adopting a bearish approach toward Coinbase, with significant put activity and a trading volume of 985,717 shares, indicating heightened caution among traders. No major company-specific news or earnings announcements have been reported today, suggesting the move is primarily driven by broader crypto market weakness and negative sentiment among institutional traders.