Noteworthy Wednesday Option Activity: NVDA, COIN, ZTS

Coinbase (COIN) and Zoetis (ZTS) options are witnessing significant trading volumes today, reaching 93.3% and 92.2% of their average daily share volume, respectively. Notably, COIN's September 2025 $350 call options are highly active, suggesting bullish sentiment, while ZTS's October 2025 $135 put options are experiencing substantial volume, indicating bearish sentiment or hedging against downside risk.

Analysis

Significant options market activity has been observed in both Coinbase Global (COIN) and Zoetis Inc. (ZTS), with today's options volume representing a substantial portion of their respective average daily share volumes. For Coinbase, the options volume of 74,128 contracts equates to 93.3% of its recent average daily share volume. Notably, there is a high concentration of activity in the long-dated September 2025 $350 strike call options, suggesting a pocket of strong bullish sentiment and speculation on significant price appreciation over the next year. Conversely, Zoetis saw options volume reach 22,508 contracts, or 92.2% of its average daily share turnover. The activity in ZTS is centered on the October 2025 $135 strike put option, indicating a notable bearish sentiment or significant institutional hedging against potential downside in the stock. These divergent flows highlight how options markets are pricing in very different long-term outlooks for the crypto-exposed financial firm versus the animal health company.

Key Decisions for Investors

• For Coinbase, the heavy volume in long-dated out-of-the-money calls signals strong bullish conviction from certain market participants, warranting a closer look at the catalysts that could drive such a move.