Coinbase Global Poised For Big Sell-Off After Massive Relief Rally: Zhang

Coinbase Global Inc’s COIN stock rallied from Monday through Wednesday and has gained almost 44% over the last five trading days.

On CNBC's "Options Action," Tony Zhang said that Coinbase Global traded more than 2.5 times its average volume on Wednesday.

Check out other crypto stocks making moves in the premarket.

There was a buyer of 5,700 of the August 12 weekly 65-puts at an average price of $5.15 per contract, Zhang mentioned. The trader bets $3.1 million that Coinbase Global will decline by at least 21% by August 12, he added.

COIN Price Action: Shares of Coinbase Global rose by 14.34% to settle at $75.27 on Wednesday.

Photo courtesy of Coinbase.