Aptos Leads Losses as Crypto Weakness Continues; Coinbase Shares Fall to 7-Month Lows
Bitcoin tumbled below the $56,000 level on Thursday before a modest bounce.

Cryptocurrencies continued trending to the downside as recession fears weighed on risk assets ahead of Friday's key jobs data report.
Bitcoin
Read more: Bitcoin Flounders Ahead of Friday Jobs Report That Might Push Fed to Slash Rates by 50 Basis Points
Native token of layer-1 blockchain Aptos
Cryptocurrencies usually underperformed the broader market in a window of seven days before and after large token unlocks over past years, a recent Messari research concluded analyzing hundreds of unlock events over the past years.
Looking at traditional markets, key U.S. equities declined during the morning session in a broader risk-off sentiment. The Dow Jones Industrial Average (DJIA) was down 0.9%, while the broad-based S&P 500 lost 0.5% by 12:00 Eastern time. The tech-heavy Nasdaq 100 erased its opening gains and stood mostly flat.
Crypto-focused stocks also performed poorly. Crypto exchange giant Coinbase (COIN) declined 1%, briefly slipping below $160 for the first time since February, taking out the lows hit during the early August crash due to the Japanese yen carry trade unwind. Large-cap bitcoin miners Marathon (MARA) and Riot Platforms (RIOT) were down 4% and 2%, respectively.
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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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