Bitcoin (CRYPTO: BTC) is booming again, and Coinbase Global Inc (NASDAQ:COIN) is cashing in. Shares of the crypto exchange were up 1.4% at the time of publication on Thursday, extending an eye-popping 167% rally from 52-week lows made in mid-April. With Bitcoin blasting past $112,000, Coinbase's rebound is looking less like a fluke and more like a front-row seat to crypto's comeback.
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Big Money Bets, Big Retail FOMO
What's behind the surge? Two words: whale buying. Large investors—often institutions—have been spotted moving big sums into Coinbase-linked wallets, according to blockchain data providers. This comes as spot Bitcoin ETFs continue to post strong inflows, signaling broad market participation, not just meme-fueled trading.
A sharp move past $112K triggered over $300 million in short liquidations, per Coinglass data, sending a clear message: this rally has strength.
Bitcoin had hovered below $100K just weeks ago. Now, it’s posting fresh all-time highs – bringing Coinbase along for the ride.
From Collapse To Comeback
Let's rewind. In 2022, Coinbase was written off by many after crypto winter froze trading activity. However, the 2024 approval of the Bitcoin ETF was a turning point. Trading volumes started rising again, and Coinbase emerged as a key infrastructure player, not just a retail brokerage, but the backbone for many crypto transactions.
Add in growing institutional interest and increasing crypto adoption, and the narrative shifted. Coinbase is no longer just surviving – it's thriving.
Of course, crypto is still volatile, and a reversal in Bitcoin's momentum could quickly drag COIN down again. But for now, the rally is undeniable.
Coinbase's 167% gain over the past 12 months says one thing loud and clear: "Told you so."
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