CONY is trading 3.26% lower at $14.55, pressured by analyst concerns about Coinbase, to which the fund is tied.
- On November 2, Morgan Stanley downgraded Coinbase to Underweight and cut its target to $120 from $258, citing weaker trading and a deteriorating earnings recovery outlook. Coinbase also recently missed quarterly revenue.
- Crypto-market concerns after the Binance breach added pressure, while Bitcoin showed signs of stabilizing Monday. Mixed broader-equity sentiment is not the clearest explanation.