According to @EmberCN, analysis from 10x Research, headed by Markus Thielen, indicates that Coinbase (COIN) stock is rapidly approaching an overvaluation threshold. This is attributed to a significant disconnect between the stock's performance and its underlying fundamentals. Specifically, COIN shares have surged 84% in the last two months, while Bitcoin (BTC) has only risen by 14%, and crypto trading volumes remain subdued around $108 billion, as cited in the report. 10x Research's linear regression model suggests 75% of COIN's price is explained by BTC's price and trading volumes, highlighting the current overextension. Consequently, the firm recommends a pair trade for investors: shorting Coinbase shares while simultaneously taking a long position in Bitcoin to capitalize on a potential mean reversion or 'tactical reversal.' While factors like the GENIUS stablecoin bill have provided a tailwind, 10x Research believes this momentum is cooling and has already been priced into the stock, increasing the risk of a local top for COIN.