Coinbase (NASDAQ: COIN) stock price gained by 2.11% on July 21, to close trading at $160, with the gains occurring despite Goldman Sachs warning that hedge funds are selling US tech equities at a record pace.

Coinbase share price had also surged by 3.28% in pre-market trading at the time of writing, suggesting that investors are looking past the Wall Street selloff as the ongoing earnings season lifts short-term sentiment around US equities.

Goldman Sachs Warns of Ongoing US Tech Sell-Off

The Prime Services desk at Goldman Sachs warns that hedge funds have been selling US tech stocks in the last two months.

The desk notes that the market value of tech stocks has dropped by 10%, marking the biggest drop that the sector has seen in ten…