According to a report by digital asset data company CCData, the total trading volume of all centralized cryptocurrency exchanges (CEXs) in January 2025 recorded a total of 9.03 trillion US dollars, a decrease of 20.2%, marking 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 US dollars, while the derivative trading volume decreased by 18.8% to 6.15 trillion US dollars. Despite the overall decrease in trading activity, the share of the derivative market has increased for the first time in three months, rising from 67% in December to 68.1%. In addition, the total open interest of all financial instruments on CEXs increased by 8.35% to reach 112 billion US dollars.
The decline in trading volume occurred after an increase in volatility in the cryptocurrency market, and CCData has linked this situation to the uncertainty following the inauguration of US President Donald Trump on January 20. The report stated:
“In the weeks following Trump’s inauguration, he announced tariffs on China and may take similar measures against Canada and Mexico, which intensified investor uncertainty. Prior to this, cryptocurrency trading activity experienced a wave of growth after the US election in November, with trading volume reaching a historical high of 11.3 trillion US dollars in December.”
CCData’s report also pointed out that Binance, the largest cryptocurrency exchange in terms of global trading volume, experienced its first decline in spot and derivative trading volume in four months, with decreases of 20.3% (to 754 billion US dollars) and 19.2% (to 2.44 trillion US dollars) respectively. The second-ranked exchange, Bybit, also experienced a decline in trading activity, with spot and derivative trading volumes falling by 11% (to 220 billion US dollars) and 18.5% (to 977 billion US dollars) respectively.
Despite the overall downward trend, there are still a few platforms that have seen growth. The largest institutional trading platform, the Chicago Mercantile Exchange (CME), saw a growth of 8% in trading volume in January, reaching a new high of 285 billion US dollars. CCData noted that this is the fourth consecutive month of growth for CME, mainly driven by an increase in Bitcoin (BTC) futures and options trading activity. However, the trading volume of Ethereum (ETH) futures has seen its first decline in four months. Source: CCData