Coinbase Defies US Equity Sell-Off with 18% Five-Day Surge

Coinbase shares surged 3.92% on July 2 to close trading at $165, bucking the trend of investors fleeing US equities. According to Bank of America, US equity funds saw $17.2 billion in outflows in the week ending July 1, the first since March.

The report notes that Japanese stocks are seeing an opposite trend, with inflows reaching $1.9 billion in the same period. This disparity suggests investors may be rotating from US to Japanese stocks.

Despite this sell-off in US equities, Coinbase shares have gained 18% over five trading days, mirroring the uptrend seen in the broader crypto market. Other crypto stocks like MSTR and CRCL also rose by 7% and 4%, respectively, on July 2.