GraniteShares 2x Long COIN ETF drops 14% in one day amid Bitcoin and Coinbase declines.

The GraniteShares 2x Long COIN Daily ETF (CONL) lost 14% on June 5, 2026, reflecting a 7% drop in Coinbase stock and a broader crypto selloff triggered by macroeconomic factors like a strong payroll report and rising Treasury yields. Over the past month, CONL has fallen 44%, much worse than Coinbase's 23% decline, due to volatility decay inherent in daily-reset leveraged ETFs. The fund's losses highlight the risks of holding leveraged crypto-related ETFs during volatile and declining markets. Investors should watch upcoming Coinbase volume data, USDC float, and crypto retail flows around the SpaceX IPO to gauge potential recovery or further declines.