First Mover Americas: Sam Bankman-Fried Guilty on All 7 Counts
The latest price moves in crypto markets in context for Nov. 3, 2023.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Sam Bankman-Fried defrauded his customers and lenders, a New York jury found after a five-week trial for the FTX founder and former chief executive. A tentative sentencing date was set for March 28, 2024. Bankman-Fried could spend decades in prison (and theoretically up to 115 years). "Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history," U.S. Attorney Damian Williams said outside the courthouse after the guilty verdicts on all seven charges were revealed. "This kind of fraud, this kind of corruption is as old as time. We have no patience for it."
Coinbase (COIN) topped analyst estimates for the third quarter on earnings and revenue, while falling short in total trading volume expectations. The crypto exchange reported a third-quarter adjusted loss of $0.01 per share, compared with FactSet estimates for a loss of $0.55 per share, marking the third consecutive earnings beat for Coinbase. Total revenue for the quarter was $674.1 million, beating estimates of $650.9 million. Total trading volume, however, was just $76 billion, less than the $80.1 billion estimate and down from $92 billion in the previous quarter. Transaction revenue was $288.6 million, 12% less than in the previous quarter.
Alongside its third-quarter earnings report, software developer MicroStrategy (MSTR) disclosed the purchase of another 155 bitcoins (BTC) during October, bringing the total acquired since the beginning of Q3 to 6,607. As of the end of October, the Tysons, Virginia-headquartered firm co-founded by Michael Saylor was the owner of 158,400 bitcoins acquired at a total cost of $4.69 billion, or $29,586 per bitcoin. The company booked an impairment loss on its digital asset holdings of $33.6 million during Q3. Cumulative impairment losses have now risen to $2.23 billion, reflecting an average carrying amount per bitcoin of roughly $15,491. That, of course, isn't terribly reflective of the market value as of Sept. 30 of the company's bitcoin, which was $27,030, nor the current price of just under $35,000.
Chart of the Day

- The chart shows bitcoin's price and the ratio between open interest in the perpetual swaps market and the cryptocurrency's market capitalization since March 2020.
- While bitcoin's price has surged by over 25% in four weeks, the ratio remains near its yearly lows, indicating a tepid demand for leveraged products.
- It's a sign of a spot-led price rally.
- Source: IntoTheBlock
- Omkar Godbole
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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