According to the source, Goldman Sachs upgraded Coinbase Global (COIN) to Buy and cut eToro to Neutral on Jan 5, 2026; source: Goldman Sachs Research. For traders, the Buy on COIN signals expectations of stronger earnings leverage to crypto trading volumes, which historically drive Coinbase’s transaction revenue mix; source: Coinbase Global Q3 2024 Shareholder Letter. The Neutral on eToro indicates a more balanced near-term risk‑reward among exchange peers versus Coinbase in the current crypto liquidity cycle; source: Goldman Sachs Research. Key positioning catalysts to monitor are BTC and ETH spot volumes and realized volatility, which have been primary determinants of Coinbase trading activity; source: Coinbase Global Q3 2024 Shareholder Letter. Given crypto-equity beta to liquidity, COIN tends to benefit when crypto prices and turnover rise, while a Neutral call on a peer can temper sector multiple expansion; source: Coinbase Global filings; Goldman Sachs Research.