The GraniteShares 2x Long COIN Daily ETF (CONL) plummeted over 30% on Wednesday, closing at $22.82 as the cryptocurrency market selloff intensified.
The sharp decline in CONL, which aims to provide leveraged exposure to the performance of Coinbase's COIN stock, reflects the mounting concerns over the broader crypto industry following the recent FTX exchange collapse. As investor confidence wanes, Coinbase's stock and the cryptocurrencies it trades have faced significant selling pressure.
"The contagion from the FTX debacle continues to ripple through the crypto ecosystem, with major exchanges and crypto-related stocks bearing the brunt of the selloff," said Michael Sonnenshein, managing director at Grayscale Investments. "Until there's more clarity on the extent of the fallout, volatility is likely to remain elevated in the near term."
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