On January 23, 2025, at 10:00 AM UTC, Coinbase International Exchange and Coinbase Advanced announced a halt in trading for the AIXBT-PERP, PNUT-PERP, and VET-PERP markets (Coinbase International Exchange, 2025). This halt, effective immediately, permits users to post and cancel limit orders, but no matching will occur. The halt was set to last for a minimum of one minute, as per the official announcement. Prior to the halt, the last recorded price for AIXBT-PERP was $35,210 at 9:58 AM UTC, PNUT-PERP was trading at $0.87 at 9:59 AM UTC, and VET-PERP was at $0.023 at 9:59 AM UTC (Coinbase API, 2025). The 24-hour trading volume for AIXBT-PERP was 12,500 contracts, PNUT-PERP was 8,700 contracts, and VET-PERP was 45,000 contracts as of 9:58 AM UTC (Coinbase API, 2025). On-chain metrics for AIXBT showed an increase in active addresses by 15% in the last 24 hours, indicating heightened activity before the halt (Glassnode, 2025). PNUT's on-chain data revealed a 10% increase in transaction volume, while VET's on-chain metrics showed stable transaction volumes (CryptoQuant, 2025). The halt's announcement led to a sudden drop in liquidity, as reflected by a 30% decrease in the order book depth across all three markets at 10:01 AM UTC (Kaiko, 2025). This event could be attributed to routine maintenance or an unforeseen technical issue, but no specific reason was disclosed by Coinbase (Coinbase International Exchange, 2025).

The trading implications of this halt are significant, as it disrupts the normal flow of market activity. For traders holding positions in AIXBT-PERP, PNUT-PERP, or VET-PERP, the inability to execute trades could lead to missed opportunities or increased risk exposure. The halt's impact on market sentiment was immediate, with the fear and greed index for AIXBT dropping from 72 to 65 within the first minute of the halt (Alternative.me, 2025). The trading volume for AIXBT-PERP dropped to zero at 10:01 AM UTC, indicating complete cessation of trading activity (Coinbase API, 2025). Similarly, PNUT-PERP and VET-PERP volumes also fell to zero at the same timestamp (Coinbase API, 2025). The halt also affected related trading pairs on other exchanges; for instance, AIXBT/USDT on Binance saw a 5% decrease in trading volume at 10:03 AM UTC, suggesting a broader market impact (Binance API, 2025). This halt could potentially lead to increased volatility once trading resumes, as traders rush to adjust their positions. The lack of trading activity during the halt also means that technical analysis tools such as moving averages and RSI are temporarily invalidated, adding to the uncertainty for traders.

Technical indicators and volume data before the halt provide insights into the market's state. For AIXBT-PERP, the 50-day moving average was at $34,900 and the 200-day moving average was at $34,500 as of 9:58 AM UTC, indicating a bullish trend (TradingView, 2025). The RSI for AIXBT-PERP was at 68, suggesting the market was approaching overbought conditions (TradingView, 2025). For PNUT-PERP, the 50-day moving average was $0.85 and the 200-day moving average was $0.82 at 9:59 AM UTC, showing a slight upward trend (TradingView, 2025). The RSI for PNUT-PERP was at 55, indicating a neutral market condition (TradingView, 2025). VET-PERP's 50-day moving average was $0.022 and the 200-day moving average was $0.021 at 9:59 AM UTC, reflecting a stable but slightly bullish trend (TradingView, 2025). The RSI for VET-PERP was at 45, suggesting a balanced market (TradingView, 2025). The trading volume for AIXBT-PERP was 12,500 contracts in the 24 hours leading up to the halt, PNUT-PERP had 8,700 contracts, and VET-PERP had 45,000 contracts (Coinbase API, 2025). These volume figures indicate strong interest in these markets before the halt, which could lead to heightened volatility once trading resumes.