“COIN volumes appear to increase during sell-offs but do not recover during brief rallies,” Dolev said in a note to clients. “As evidence, the average daily trading volume on the COIN platform during Bitcoin low days was 15% higher than daily Bitcoin volumes. In recent months, however, low day volumes are 42% higher than high day volumes, nearly 3 times the previous ratio. Dolev has a neutral rating on COIN with a €45 price target.

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