According to the source, Goldman Sachs upgraded Coinbase (NASDAQ: COIN) and downgraded eToro in its latest equity research update, signaling a relative shift in its outlook across crypto brokerages (source: Goldman Sachs equity research). Coinbase has disclosed that trading activity on its platform correlates with crypto market volatility, so traders can read the rating change alongside BTC and ETH price and volume trends when assessing near-term COIN order flow and options implied volatility (source: Coinbase 2023 Form 10-K).