Coinbase Says Miners’ Sales of Newly Minted Bitcoins Don’t Add Significant Market Pressure
If all newly issued bitcoin were immediately sold on the market each day, it would equate to only 900 BTC of selling pressure, the report said.

A common concern during cyclical downturns in
In times of market upheaval and a falling bitcoin price, margins compress across the board and force more miners to become net sellers, the note said. Given the price drop and the resulting loss of profitability, the financing environment for the mining industry has “shifted materially” since late last year, and raising capital in the public markets has become very difficult, Coinbase said.
Still, even if all newly issued bitcoin were immediately sold onto the market each day, that would equate to only 900 BTC of selling pressure, which represents just 1%-1.5% of total daily volume, it added. A healthier bitcoin derivatives market should allow miners more options in terms of potential hedging strategies, the report added.
Read more: Crypto Miners Face Margin Calls, Defaults as Debt Comes Due in Bear Market
Mining companies that expanded aggressively in recent years and leveraged their balance sheet in the process are now being forced to restructure their operations, the note said. These conditions “should present opportunities for consolidation across the mining industry in the second half of the year as less prudent miners continue to face challenges.”
While the mining market may still be far from an equilibrium hashrate, miner selling and shuttering of activities in recent months has resulted in a falling network hashrate and ultimately mining difficulty, and once these trends flatten it could signal the start of a bottoming process, based on similar trends observed in the 2018 crypto winter, the report said.
Read more: Bear Market Could See Some Crypto Miners Turning to M&A for Survival
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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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