币界网报道：Nasdaq-listed Coinbase (COIN) shares are nearing a 30% overvaluation threshold, according to 10x Research's Markus Thielen, who recommends a pair trade strategy of shorting COIN while going long on Bitcoin. Thielen notes Coinbase's fundamentals, particularly trading volumes, haven't matched its 84% two-month stock surge, while Bitcoin only gained 14%. His analysis shows 75% of COIN's price movement correlates with Bitcoin's price and trading volumes, with just 25% tied to other factors like Circle's upcoming IPO. Current crypto trading volumes of $108 billion further highlight the disconnect, suggesting Coinbase's premium is unsustainable. Thielen warns that recent reversals in related stocks like Circle and Metaplanet indicate COIN may be approaching a local peak as market momentum wanes.