GraniteShares 2x Long COIN Daily ETF is trading 10.3% lower today as its leveraged exposure to Coinbase amplifies a broader crypto-sector selloff.
- Bitcoin has dropped below the $70,000 level amid worries over Mt. Gox-related supply, heavy spot Bitcoin ETF outflows, and rising geopolitical tensions.
- The slump in crypto-linked equities is hitting Coinbase shares particularly hard, directly impacting the underlying performance of this ETF.
- Because the fund targets 2x the daily move of Coinbase, the current market volatility is translating into outsized downside for CONL holders.