According to the source, Rothschild raised its Coinbase (NASDAQ: COIN) price target to $320, citing institutional demand as a tailwind for the exchange (source: the source). Institutional demand is directly relevant to COIN because Coinbase Prime and Coinbase Custody serve large asset managers, including acting as custodian for BlackRock’s iShares Bitcoin Trust (IBIT), tying exchange activity and custody AUM to BTC flows (source: BlackRock iShares Bitcoin Trust prospectus; Coinbase company disclosures). For trading, monitor COIN versus intraday BTC and ETH spot volumes on Coinbase and US Bitcoin ETF net creations/redemptions to assess whether the target change supports higher exchange activity and revenue expectations (source: Coinbase trading and shareholder disclosures; iShares IBIT fund documentation).