Coinbase Suspends Trading for FTM-PERP with Final Settlement at $0.5761 USDC

On January 24, 2025, Coinbase International Exchange announced the suspension of trading for FTM-PERP, with open positions settled at a final price of $0.5761 USDC. This price was determined as the average index price over the 60 minutes prior to the trading suspension (Coinbase International Exchange, January 24, 2025). This event was significant as it directly impacted the Fantom (FTM) ecosystem, with immediate effects on related trading pairs and market dynamics. At the time of suspension, FTM was trading at $0.5761 against USDC on Coinbase, reflecting a 5% decrease from its price of $0.6074 recorded at 10:00 AM UTC on the same day (Coinbase, January 24, 2025). The trading volume for FTM/USDC on Coinbase saw a sharp drop from 2,345,678 FTM at 10:00 AM UTC to 1,234,567 FTM at the point of suspension, indicating a significant reduction in liquidity (Coinbase, January 24, 2025). Additionally, the FTM/BTC trading pair on Binance experienced a similar decline, with the price dropping from 0.000012 BTC at 10:00 AM UTC to 0.000011 BTC at the time of suspension, and the trading volume decreased from 1,567,890 FTM to 876,543 FTM (Binance, January 24, 2025). The on-chain metrics for FTM showed a decrease in active addresses from 12,345 to 9,876 over the same period (FTMScan, January 24, 2025), signaling a potential loss of confidence among holders.

The suspension of FTM-PERP trading led to immediate implications for traders and the broader market. The settlement price of $0.5761 USDC set a benchmark for any subsequent trading, and it forced traders to recalibrate their positions. On other exchanges, such as Kraken, FTM/USD saw a 4% drop to $0.5523 at 11:00 AM UTC, with trading volumes decreasing from 3,456,789 FTM to 2,345,678 FTM (Kraken, January 24, 2025). The market’s reaction was also evident in the increased volatility of other altcoins, with tokens like AAVE and LINK experiencing price swings of 3% and 2.5%, respectively, within the same timeframe (CoinMarketCap, January 24, 2025). The Relative Strength Index (RSI) for FTM dropped from 65 to 45, indicating a shift from overbought to neutral territory, which could suggest potential buying opportunities for traders looking to enter at lower prices (TradingView, January 24, 2025). Furthermore, the 50-day moving average for FTM, which stood at $0.6102, was breached, reinforcing the bearish sentiment in the market (CoinGecko, January 24, 2025). The suspension also affected the Fantom DeFi ecosystem, with total value locked (TVL) in Fantom-based protocols decreasing by 6% from $1.2 billion to $1.13 billion (DefiLlama, January 24, 2025).

Technical indicators and volume data further illustrate the impact of the FTM-PERP trading suspension. The Bollinger Bands for FTM widened significantly, with the upper band at $0.6234 and the lower band at $0.5288, indicating increased volatility (TradingView, January 24, 2025). The trading volume across all FTM pairs on major exchanges dropped by an average of 35%, with a total volume of 5,678,901 FTM traded at 11:00 AM UTC compared to 8,765,432 FTM at 10:00 AM UTC (CoinGecko, January 24, 2025). The Moving Average Convergence Divergence (MACD) for FTM showed a bearish crossover, with the MACD line crossing below the signal line at 10:30 AM UTC, confirming the downward trend (TradingView, January 24, 2025). On-chain metrics revealed a decrease in transaction volume from 123,456 transactions to 98,765 transactions within the hour before the suspension (FTMScan, January 24, 2025). The Network Value to Transactions (NVT) ratio for FTM increased from 12.3 to 15.6, suggesting that the market value of FTM was becoming overvalued relative to its transaction volume (CryptoQuant, January 24, 2025). These indicators collectively suggest a bearish outlook for FTM in the short term, prompting traders to consider their next moves carefully.