According to a report by digital asset data company CCData, the total trading volume of all centralized cryptocurrency exchanges (CEXs) in spot and derivatives markets recorded a decrease of 20.2% in January 2025, totaling $9.03 trillion. This is the first decline since September 2024.
The data shows that the spot trading volume on these platforms decreased by 22.9% to $2.88 trillion, while the derivatives trading volume decreased by 18.8% to $6.15 trillion. Despite the overall decrease in trading activity, the proportion of the derivatives market increased for the first time in three months, rising from 67% in December to 68.1%. In addition, the total value of open contracts for all financial instruments on CEXs increased by 8.35% to $112 billion.
The decline in trading volume occurred after increased volatility in the cryptocurrency market, and CCData associates this situation with the uncertainty following the inauguration of US President Donald Trump on January 20. The report states:
“In the weeks following Trump’s inauguration, he announced tariffs on China and potentially similar measures against Canada and Mexico, which intensified investor uncertainty. Prior to this, cryptocurrency trading activity experienced a surge after the US election in November last year, with trading volume reaching a historical high of $11.3 trillion in December.”
CCData’s report also points out that Binance, the largest cryptocurrency exchange in terms of global trading volume, experienced its first decline in spot and derivatives trading volume in four months, with a decrease of 20.3% (to $754 billion) and 19.2% (to $2.44 trillion) respectively. The second-ranked exchange, Bybit, also saw a decline in trading activity, with spot and derivatives trading volume decreasing by 11% (to $220 billion) and 18.5% (to $977 billion) respectively.
Despite the overall downward trend, a few platforms experienced growth. The largest institutional trading platform, the Chicago Mercantile Exchange (CME), saw a 8% increase in trading volume in January, reaching a new high of $285 billion. CCData notes that this is the fourth consecutive month of growth for CME, primarily driven by an increase in Bitcoin (BTC) futures and options trading activity. However, Ethereum (ETH) futures trading volume saw its first decline in four months. Source: CCData
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