Coinbase (COIN) rose almost 10% Tuesday after the crypto exchange was listed as a “surveillance partner” for several spot bitcoin ETFs, and rising options trading volumes and open interest indicate bullish sentiment may stay with the stock in the coming months.

The firm was already named as a partner for BlackRock’s proposed bitcoin ETF – underpinning a price surge in the past month. The agreement, absent from previous public spot bitcoin ETF filings, compels a crypto exchange to share trading data with authorities.

Some market observers said Coinbase stock may rise further in the medium term due to its ties with influential traditional finance players, but expressed caution over short-term moves.

“Coinbase is winning investor interest due to its history with spot Bitcoin ETFs,” FxPro senior market analyst Alex Kuptsikevich said in a note to CoinDesk. “This is an expected development, but there were still risks, so a sigh of relief quickly turned into a short squeeze.”

Referring to a $12 million COIN sale by Cathie Wood’s ARK Invest on Tuesday, Kuptsikevich said: “We can’t rule out the impact of reports from the Ark Innovation fund, which announced the sale of Coinbase shares … The range exit offers further momentum with potential targets for a quick rally to $113 and longer-term upside targets near $160, as Coinbase has missed out on a significant portion of the cryptocurrency market’s upside.”

Data shows open interest, or the number of unsettled futures contracts, grew 4% on Tuesday as the stock ended the day at $89.15. This brings the year-to-date gains to 74%, major cryptocurrencies such as bitcoin (BTC) and ether (ETH).

Rising open interest is a sign of increased bets on any asset, such as tokens or stocks, as it suggests an inflow of new money into a financial market – usually meaning a current trend is expected to continue.

COIN-listed options saw open interest climb 14.6% to 953,393 contracts on Tuesday, data shows, a level much higher than the 52-week average of 812,568 contracts. In addition, the put-call ratio decreased by 6.1% to 1.2 in the last five days, suggesting a bullish outlook for COIN among traders.

Puts refer to bets against an asset while calls are bets on increased prices. A falling put-call ratio is considered a bullish indicator as it means more calls are being bought than puts.