Cross-Exchange COINUSDT Aggregate Falls 2.47% Before Nasdaq Opens

A cross-exchange aggregate for COINUSDT stood at $130.91 at 4:50 a.m. ET (9:50 UTC) Nov. 9, down 2.47% over 24 hours before Nasdaq's 9:30 a.m. ET regular-session open.

Binance's COINUSDT contract is an equity perpetual settled in Tether (USDT) that tracks Coinbase common stock and trades around the clock. The $130.91 figure is a cross-exchange aggregate, separate from a trade in Coinbase shares.

Morgan Stanley downgraded Coinbase to Underweight from Equal-weight on Nov. 2 and cut its share-price target to $120 from $258. The downgrade was a separate development from Monday's COINUSDT price observation; the target applies to Coinbase shares, not the contract.

Coinbase's third-quarter results for the period ended Sept. 30 showed total revenue of $1.2156 billion, down 35% year over year. Transaction revenue fell 44% to $590.2 million.