The July 1 MiCA deadline concerns cryptoassets, but some of the biggest beneficiaries can still be found on the exchange. As Europe pushes unlicensed players out, only a few publicly listed MiCA winners—so-called MiCA stocks—remain.

BeInCrypton analysts reviewed cash flows and options investments to find three names whose charts reveal how traders act with these stocks.

Circle Internet Group (CRCL)

Circle is in focus for the July 1st MiCA regulation, so it is the first of the three MiCA stocks to watch. The regulation removes non-compliant euro stablecoins from EU trading venues, which directly benefits Circle. Its EURC currently dominates about half of the euro stablecoin market, and USDC is one of the few top-10 stablecoins that have been approved under the rules.

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However, institutional positioning makes the story of an upside boom harder to believe. Chaikin Money Flow (CMF), which measures institutional buying and selling pressure, has been declining steadily since March 4th and is now deep in negative territory, reading -0.34. Large investors have been net sellers, not buyers, even though the regulatory tailwind has been growing.

CMF is moving in a falling channel. As long as this channel holds, a short-term rebound around the deadline-day timeframe is possible. If CMF, however, drops out of the channel to the downside, it would confirm broad selling and likely lead to larger profit-taking.

Options flow supports a more positive outlook in the short term. The put-call ratio, which compares demand for puts that bet on downside versus calls that bet on upside, is falling. Its volume dropped from 0.75 on June 25th to 0.44, and open interest weakened from 0.81 to 0.80. A falling ratio means traders are opening more upside-oriented call positions than puts.

This makes CRCL a short-term event-driven investment target. The MiCA news and improved options sentiment support tactical movement, when the stock’s latest price was $75.96. However, the persistent negative CMF limits confidence, and a break of the channel would undermine a potential upside move toward the target resistance.

Coinbase Global (COIN)

Coinbase is another MiCA stock worth noting, and it is the clearest winner in terms of infrastructure. The company has obtained an MiCA license for the entire EU area through the Luxembourg regulator. This enables the provision of regulated services across all 27 member states, as competitors exit the region.

Options positioning, however, is a more cautious signal. On June 26th, COIN’s put-call volume ratio was 1.14, clearly skewed to the downside, and open interest was 0.84. Since then, volume has fallen to 0.96 and open interest has risen to 0.88.

Here’s an interesting twist. A declining volume ratio indicates new call buys. At the same time, rising open interest suggests that traders are hedging their existing positions and not shifting to a clear upside view. So the situation looks mixed rather than a clear reversal.

The chart provides additional information depending on the time period. On the daily chart, the CMF is still deep in negative territory. On the four-hour chart, however, the CMF is rising within its falling channel; the latest reading is -0.14, indicating short-term inflows.

This four-hour move is key in event-driven trading. If the channel’s upper uptrend breaks upward, the path to the zero line and the supporting trend opens up. This could also affect the put-call ratio as the MiCA target deadline approaches.

Robinhood Markets (HOOD)

Robinhood is expanding its MiCA stocks watchlist, and its liquidity stands out. The company owns Bitstamp, which has an MiCA license valid across the entire EU. When around 83% of previously registered crypto companies leave the EU, the freed-up trading volume may move to licensed platforms such as Bitstamp.

The direction of options positioning is bullish. On June 25th, HOOD’s put-call volume ratio was 0.43 and open interest was 0.63. Since then, volume has fallen to 0.35, while open interest has risen to 0.64. As with Coinbase, the distribution suggests new purchases of call options and limited hedging. A lower volume ratio indicates a stronger directional bias.

Cash flow is a clear exception. HOOD is a rare crypto-linked name whose CMF is above zero—most recently 0.05—and it has remained in an upward channel since the start of February. The result reflects Robinhood’s diversified brokerage model, which attracts steadier institutional investment than pure crypto companies.

CMF has remained supported by the channel both at the beginning of April and in mid-May, without the lower trend line being tested; thus, the uptrend has held during both periods. If support and the zero level are nevertheless broken, it would signal weakness. Until then, the structure remains positive, and the roughly 12% rise seen over the last month reinforces this. HOOD is therefore in the strongest position among the three.