Crypto Stocks Rally Pre-Market as Bitcoin Tops $46K
Bitcoin climbed over $46,000 for the first time in nearly a month early Friday, extending its gain for the week to nearly 10%.
- Crypto stocks such as COIN, MSTR and mining firms CLSK, RIOT and MARA all ticked upward in pre-market trading on Friday.
- Bitcoin surpassed $46,000 for the first time in nearly a month during the Asian morning.
- Mining firm CleanSpark led the way, up nearly 20%, also thanks to positive results for Q3 2023 announced Thursday.
Cryptocurrency-related publicly traded companies showed healthy gains in pre-market trading on Friday as bitcoin {{BTC}} extended its rally, topping $46,000 for the first time in nearly a month and boosting its advance for the week to almost 10%.
Bitcoin has added just over 4% in the last 24 hours, while the CoinDesk 20 Index, which measures the overall performance of the digital asset market, rose around 2.6%.
Bitcoin miner CleanSpark (CLSK) led the way, climbing almost 20% as of 10:15 UTC. The company reported fiscal first-quarter profit of $25.9 million on Thursday compared with a $29 million loss the year before.
Riot Platforms (RIOT) and Marathon Digital Holdings (MARA) also rallied, adding 7% and 8% respectively. Mining stocks are a recommended entry point for bitcoin exposure ahead of the forthcoming halving, in which the reward miners earn for new coins is cut by 50%, broker Bernstein said. The firm picked out CLSK and RIOT as its preferred stocks in a research report on Thursday.
Cryptocurrency exchange Coinbase (COIN) and software company MicroStrategy (MSTR), which holds around 190,000 BTC on its balance sheet, both showed gains in the region of 5%. BlackRock's bitcoin exchange-traded fund (IBIT), the first of the new spot BTC ETFs to reach $2 billion in assets, added around 2.75%.
Read More: Bitcoin ETFs (Ex-GBTC) Now Hold More BTC Than MicroStrategy
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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.
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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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