Coinbase trader makes $25M on options bets day before SEC suit
A trader has banked millions of dollars with an options bet against Coinbase placed just a day before the Securities and Exchange Commission ( SEC ) issued its suit against the exchange. Earlier this week, the regulator also filed charges against Binance. The trade, made on Monday morning, was spotted by Unusual Whales and was placed via multiple put options bets with a target price of $50 and a total premium of $107,000. The trader is estimated to have made more than $25 million on the trade. Coinbase’s share price was down by nearly 19% on Tuesday morning. The stock began crashing on Monday when rival exchange Binance received its own suit from the SEC and as much as $81 billion worth of crypto was traded. Bitcoin ended 5% down on the day with as much as $300 million worth of liquidations , most of them on the long side. This activity made for one of the most intense days in Crypto this year. Coinbase insiders are still offloading shares Meanwhile, Cathie Wood of Ark I...