Kum Weng
11-04
Bottom line: today’s flow is constructive, but it is not yet strong enough to prove durable institutional accumulation. It looks more like a meaningful rebound bid in
Coinbase (COIN)
watchlist
after a sharp selloff, while Morgan Stanley’s cautious revenue/crypto-volume thesis remains a material fundamental overhang.

Today’s tape was clearly positive: COIN closed at US$145.45, up 5.53% , with US$1.55 billion in turnover and 10.62 million shares traded. Net inflow was US$41.27 million , equivalent to 2.66% of turnover . Large orders contributed a positive US$13.80 million , which supports the idea that the move was not purely retail-driven.
But the flow mix is not decisively “real money” yet: small-order net inflow was larger at US$24.86 million , versus only US$2.61 million from medium orders. More importantly, the prior five large-order sessions were mixed: inflows on 10-28 through 10-30 were followed by an outflow on 11-02. One positive day, especially after COIN fell from US$162.3

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