Bitcoin Bounce Boosting This Crypto

<img src="https://xpertsstudio.com/wp-content/uploads/2026/08/Bitcoin-20Bounce-20Boosting-20This-20<a href="https://xpertsstudio.com/gemini-crypto-exchange-review-2026-bank/” title=”Gemini crypto exchange review 2026: Bank”>Crypto-Correlated-20Stock.jpg” alt=”” loading=”lazy”>

Leveraged & Inverse ETF Content Hub

Last week’s bitcoin rally, one supported in part by the White House reiterating its pro-cryptocurrency stance while continuing to lean on policymakers to pass the Clarity Act, benefited an array of crypto-correlated stocks, including Coinbase Global (COIN).

Shares of the largest regulated domestic cryptocurrency broker surged more than 25% last week, providing a massive spark to the Direxion Daily COIN Bull 2X ETF (NASDAQ: CONX). CONX, which debuted last November, attempts to deliver returns corresponding with 200% of the daily showing of Coinbase stock.

Said another way, CONX was a great place to be last week. Obviously, last week is in the rearview mirror, but there are reasons why short-term traders may want to continue monitoring CONX. Sure, it should be taken with a grain of salt, but Coinbase CEO Brian Armstrong believes a new cryptocurrency bull market may be afoot. That’d benefit his company’s shares as well as CONX.

Capitalize with CONX

Fears of monetary debasement in the U.S. and data confirming waning Bitcoin volatility could be catalysts for Coinbase and the geared CONX.

“Bitcoin’s volatility, a measure of how quickly prices move up or down, has fallen to multi-year lows relative to traditional equities,” CoinDesk reports. “Historically, the cryptocurrency’s price swung more than five times as violently as the S&P 500. But bitcoin’s 30-day realized volatility has fallen to an annualized 42%, compared with 18% for the S&P 500. That is the narrowest gap on record between the two, meaning bitcoin price swings have become less chaotic than previous cycles.”

Potentially additive to the case for occasional use of CONX is the fact that Coinbase isn’t Bitcoin-dependent as it once was. When the company delivered second-quarter results last month, it told investors “revenue has decoupled from Bitcoin trading fees, 88% of net revenue is non-BTC spot trading.”

As more investors awaken to the fact, it’s possible they’ll come to appreciate Coinbase as much more than a Bitcoin-related stock. It may take time, but those perspectives could change because Coinbase has an impressive portfolio of growing businesses that are not reliant on Bitcoin price increases, including a surging prediction markets footprint, which could be a catalyst for the stock and CONX in the coming months.

“Prediction markets contracts and revenue more than doubled, growing 106% quarter-over-quarter and crossing $100 million in annualized revenue. A new crypto binaries experience launched late in the quarter drove 3x daily traders and 4x daily revenue vs. May’s daily average,” according to the Coinbase earnings statement.

For more news, information, and analysis, visit the Leveraged & Inverse Content Hub.

Content continues below advertisement

Loading Articles…

Source: etfdb.com