A volatile week exposed why this real estate platform still looks like a speculative gamble.

Opendoor Technologies ( OPEN 14.24% ) , the online home-buying and selling platform, saw its shares swing sharply again this week. After a strong run in recent months, the stock declined on Monday and continued to fall after hours. Broader risk-off sentiment, including a sharp sell-off in cryptocurrencies and the unwinding of leveraged bets, weighed on the stock. The recent pullback raises an important question for investors: Is this a buying opportunity, or does it signal the need for caution?

Opendoor's business model is straightforward: Use data to make instant cash offers, renovate homes, and resell them to earn a spread and related fees. While this approach can work in stable housin

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