Glassnode spotlights Spot Bitcoin ETF volumes amid BTC at $59215.15 with bearish EMA structure and MACD death cross on 4h chart.

According to the source, Goldman Sachs upgraded Coinbase Global (COIN) to Buy and cut eToro to Neutral on Jan 5, 2026; source: Goldman Sachs Research. For traders, the Buy on COIN signals expectations of stronger earnings leverage to crypto trading volumes, which historically drive Coinbase’s transaction revenue mix; source: Coinbase Global Q3 2024 Shareholder Letter. The Neutral on eToro indicates a more balanced near-term risk‑reward among exchange peers versus Coinbase in the current crypto liquidity cycle; source: Goldman Sachs Research. Key positioning catalysts to monitor are BTC and ETH spot volumes and realized volatility, which have been primary determinants of Coinbase trading activity; source: Coinbase Global Q3 2024 Shareholder Letter. Given crypto-equity beta to liquidity, COIN tends to benefit when crypto prices and turnover rise, while a Neutral call on a peer can temper sector multiple expansion; source: Coinbase Global filings; Goldman Sachs Research.