2 Crypto Stocks Pulling Back as Ether ETFs Begin Trading

Ether (ETH) exchange-traded funds (ETFs) began trading yesterday. Though the cryptocurrency -- second in popularity only to Bitcoin (BTC) -- is lower today, now seems like an appropriate time to check in with exchange platforms Coinbase Global Inc (NASDAQ:COIN) and Riot Platforms Inc (NASDAQ:RIOT).

COIN was last seen down 2.4% to trade at $251.42, brushing off an upgrade to "buy" from "neutral" at Citigroup, as well as a price-target hike to $345 from $260. The shares recently bounced off their 40-day moving average, but familiar pressure at the $270 region capped this rally. So far in 2024, Coinbase Global stock added 43.7%.

Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day call/put volume ratio of 1.86 sits higher than all readings from the last year. This means calls have been extremely popular of late.

RIOT is down 1.3% to trade at $11.44 at last check, following a price-target cut at Needham to $13 from $15. After conquering the 100-day trendline in the wake of a bull gap earlier this month, the security ran into resistance at $13, which has been in place since March. In the last 12 months, shares shed 36.4%.

Short sellers have been building their positions, with short interest up 23.1% over the last two reporting periods. The 61.72 million shares sold short now make up 23.4% of RIOT's available float.