Coinbase stock has climbed 16% on February 15, as retail investors continue to accumulate Bitcoin and Ethereum during the recent downturn in prices, a sign of confidence in the top cryptocurrencies. The rebound follows a volatile period for both the exchange and crypto markets, highlighting strong individual investor conviction despite turbulence.
Coinbase CEO Brian Armstrong has confirmed that retail customers have continued to buy throughout February. Data from the company shows that most customers have held the same or higher levels of BTC and ETH than in December, a sign that retail customers are adopting a “buy the dip” strategy.
Armstrong also clarified that Bitcoin and Ethereum led the charge in this regard, as expected based on their historical trading volumes. The increase in retail wallet balances, even during periods of market volatility, is a testament to the “diamond hands” culture seen in the crypto space.
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Coinbase Reports Q4 Loss Despite Rally
Analysts point to important technical and price levels for COIN. Weekly charts indicate resistance at $186.19, with further gains possible at $279.10, $365.48, and $426.98. Support is still present at $125.81, indicating that the stock still has a bullish outlook in the long term. Bernstein predicts $212-$500, H.C. Wainwright predicts $350, Barclays predicts $148, Canaccord Genuity predicts $300, and Goldman Sachs predicts $264.
Despite the rally, Coinbase saw losses of $666.7 million in Q4, falling below the Wall Street estimate. Armstrong has additionally disposed of more than $100 million worth of shares lately, amounting to roughly $500 million last year. Experts point out that executives’ selling of shares does not necessarily mean a bad sign; however, it may affect the market’s mood in volatile times.
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