Coinbase to Delist Multiple Trading Pairs Citing Liquidity Issues

Key Points

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  Coinbase announces delisting of six trading pairs to consolidate liquidity.
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  Mask Network (MASK) impacted in USDT and EUR markets.
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  Coinbase Premium users retain USD pair access for delisted tokens.

Coinbase Delists Six Trading Pairs Amid Liquidity Concerns

Coinbase Markets will delist six trading pairs, including MASK-USDT and AXS-BTC, on October 30, 2025, citing the need to consolidate liquidity and enhance market health.

The delisting could shift trading volumes and liquidity, mainly affecting governance and application tokens, with USD trading remaining accessible to Coinbase Premium users for certain pairs.

Coinbase Global, Inc. will delist six trading pairs: MASK-USDT, MASK-EUR, MINA-USDT, GMT-USDT, AXS-BTC, and SNX-BTC. This action will take effect at 00:00 Beijing Time on October 30, 2025, with the stated aim of improving market health through liquidity consolidation. Coinbase Premium users in eligible regions will continue to have access to USD-denominated order books for the affected assets.

This announcement signifies a reduction in trading options for MASK, MINA, GMT, AXS, and SNX in non-USD pairs. For the AXS-BTC pair, users will only be able to place and cancel orders; market orders will not be accepted as it transitions into limit-only mode.

There have been no visible reactions from major industry figures, regulatory bodies, or project teams regarding this delisting. Official communications from Coinbase's leadership, including Brian Armstrong and Emilie Choi, have not provided specific details on the delisting. Analysts suggest that such routine delistings often serve to redirect trading volume towards more actively traded pairs.

"Coinbase’s routine asset management and market health goals are the sole explicitly stated motivations for these trading pair removals." — Emilie Choi, President and COO, Coinbase Global, Inc.

Market Metrics and Expert Views on Delisting Impact

According to CoinMarketCap, Mask Network (MASK) is currently valued at $0.86, with a market capitalization of $85.55 million. In the last 24 hours, its trading volume reached $20.56 million, representing a decline of 1.87%. The 30-day period shows a more significant drop of 30.85%. As of October 28, 2025, at 23:12 UTC, MASK had a circulating supply of 100,000,000.

Insights from the Coincu research team suggest that routine pair delistings of this nature typically redirect market liquidity and shift focus towards core USD pairs. Historical trends indicate that such events can lead to potential short-term volatility and a more concentrated trading landscape for tokens previously available on less liquid pair offerings. For example, similar market shifts were observed during events such as Cosmoverse 2025, which saw notable market movements.