Tiger Securities Upgrades Coinbase to Buy at $200 as BTC Longs Hold 62.5% of Book

Tiger Securities raised its rating on Coinbase Global ($COIN) to Buy from Hold with a $200 price target, arguing that Bitcoin’s risk/reward profile has improved materially following the recent sharp correction, according to coinotag.com. The brokerage’s thesis rests on a call that the worst of the current crypto bear cycle is likely behind the market, with the next leg driven by recovering liquidity, institutional demand and a broader recovery in risk appetite.

The upgrade lands as BTC/USDT trades at $63,838, up 0.26% on the day, with 24-hour volume of $20.9 billion, per data cited in the report. The pair’s 24-hour range spans $62,671.39 to $64,700.00, a spread of $2,028.61 or 3.24%, putting price roughly midway between the session’s low and high rather than at either extreme.

Positioning skews long, but funding stays tight

Derivatives positioning on the pair shows longs controlling 62.5% of the book versus 37.5% for shorts, a two-to-one skew that typically signals crowded bullish leverage. Funding is running at +0.0064%, meaning long positions are the ones paying to hold exposure — a modest but persistent cost of carry for bulls rather than a sign of extreme euphoria.

On the daily chart, BTC sits at $63,923.99, down 0.19%, with an RSI(14) reading of 52.7 — near the midpoint of the oscillator’s range and consistent with a market that has cooled from overbought conditions without tipping into oversold territory. The daily trend is flagged as bearish despite the intraday bounce, underscoring that Tiger’s call is a forward-looking thesis rather than a reflection of current momentum.

Technical levels published alongside the data place resistance at $64,650.77 (R1), $66,220.85 (R2) and $70,325.10 (R3), with support at $63,744.80 (S1), $61,943.10 (S2) and $57,800.19 (S3). The pivot point sits at $63,636.46, close to spot, leaving price action balanced on a knife-edge between the first support and resistance bands.

Institutional flows add context

The rating change comes alongside separate on-chain activity flagged in the same news cycle: BlackRock withdrew 2,979 ETH, worth roughly $5.26 million, via Coinbase Prime, according to the report. While a single withdrawal is not conclusive of directional intent, it adds to the backdrop of continued institutional custody and settlement activity routed through Coinbase’s prime brokerage infrastructure — the exact revenue channel Tiger’s upgrade is implicitly betting on.

Coinbase’s equity thesis is tightly coupled to broader crypto market structure: trading volumes, custody balances and institutional onboarding all flow directly into the exchange’s revenue base. Tiger’s argument that Bitcoin’s downside risk has been largely priced in — paired with resilient long positioning and funding that remains far from blow-off levels — frames the $200 target as a bet on cycle recovery rather than a re-rating of Coinbase’s standalone fundamentals.

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