币界网报道：Coinbase's recent stock rally appears overextended, prompting some analysts to recommend shorting the crypto exchange's shares while maintaining a long position on Bitcoin. The stock has surged over 300% in 2023, significantly outpacing Bitcoin's 150% gain, creating what experts call an "unusual divergence." Analysts note Coinbase's valuation now implies unrealistic assumptions about crypto trading volumes and market share growth. While the company benefits from Bitcoin ETF excitement and potential Fed rate cuts, its current $50 billion market cap suggests it would need to capture nearly all global crypto trading volume to justify the price. Short sellers argue the stock is pricing in perfection while ignoring risks like regulatory scrutiny, competition from new entrants, and potential declines in trading fees. Meanwhile, Bitcoin's fundamentals remain strong with the halving approaching and institutional adoption growing through spot ETFs. The trade idea reflects a view that while crypto markets will continue expanding, Coinbase's stock has run too far too fast and may underperform the underlying asset it provides exposure to. Some hedge funds are implementing pairs trades to capitalize on this perceived mispricing between the exchange and the cryptocurrency.