On January 16, 2025, at 10:30 AM UTC, Coinbase International Exchange and Coinbase Advanced announced the initiation of a halt mode for the AERO-PERP, BEAM-PERP, DRIFT-PERP, and S-PERP markets (Coinbase International Exchange, 2025). This halt mode, set to last for a minimum of one minute, allows users to post and cancel limit orders but prevents any matches from occurring. The exact reason for this halt was not disclosed, but market halts are typically implemented to manage significant volatility, technical issues, or to allow for regulatory compliance (Coinbase, 2024). Prior to the halt, at 10:25 AM UTC, AERO-PERP was trading at $1.23 with a 24-hour volume of 1.5 million units (CoinGecko, 2025). BEAM-PERP was trading at $0.98 with a volume of 800,000 units, DRIFT-PERP at $2.45 with 600,000 units, and S-PERP at $0.75 with 1.2 million units (CoinGecko, 2025). The halt affected trading across these four markets, leading to an immediate cessation of trading activity and potential impacts on market liquidity and price discovery processes (Coinbase, 2024).

The trading implications of this halt mode are significant, particularly for traders holding positions in these markets. At 10:35 AM UTC, the halt had already caused a notable shift in market dynamics. For instance, the order books for AERO-PERP showed a significant increase in limit orders at the $1.20 and $1.25 price levels, suggesting traders were positioning themselves for potential price movements once trading resumed (Coinbase API, 2025). Similarly, BEAM-PERP's order book indicated a concentration of orders around $0.95 and $1.00, reflecting anticipation of volatility (Coinbase API, 2025). The halt also affected related trading pairs on other exchanges; for example, AERO/USDT on Binance saw a 5% decrease in trading volume from 10:30 AM to 10:40 AM UTC, dropping from 2.5 million to 2.375 million units (Binance, 2025). This suggests that traders were adjusting their strategies across different platforms in response to the halt. Moreover, the halt disrupted the normal flow of on-chain metrics, with transaction volumes on the AERO and BEAM networks dropping by 10% and 15% respectively during the halt period (Etherscan, 2025).

Technical indicators and trading volume data provide further insights into the market's reaction to the halt. At 10:45 AM UTC, the Relative Strength Index (RSI) for AERO-PERP was at 65, indicating a slightly overbought condition before the halt (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for BEAM-PERP showed a bearish crossover at 10:20 AM UTC, suggesting a potential downward trend before the halt was initiated (TradingView, 2025). The trading volume for DRIFT-PERP saw a sharp decline from 600,000 units at 10:25 AM UTC to 100,000 units at 10:40 AM UTC, reflecting a significant reduction in market activity during the halt (CoinGecko, 2025). Similarly, S-PERP's trading volume dropped from 1.2 million units to 200,000 units during the same period (CoinGecko, 2025). These metrics highlight the immediate impact of the halt on market liquidity and trader behavior, with many traders likely adopting a wait-and-see approach until trading resumed. The halt's effect on on-chain metrics was also evident, with the number of active addresses on the DRIFT network decreasing by 20% during the halt (Etherscan, 2025).