Coinbase stock is back in breakout territory. COIN price jumped 8.2% to $186.49 as Bitcoin BTCUSD ripped above $77,000 and Ethereum extended its sharp rebound, putting the crypto exchange at the center of the latest market surge. With $200 now within striking distance, the next few sessions could determine whether this is a relief rally, or the start of Coinbase’s next major leg higher.

Bitcoin Rally and ETF Flows Provide the Immediate Catalyst

The broader market has supplied a powerful catalyst. Bitcoin gained roughly 21% this week, briefly reaching about $79,426, its highest level since May. Ethereum has also rallied, gaining roughly 29.6% over seven days.

Institutional demand has strengthened alongside the price move. U.S. spot…