The crypto market may have cooled off in Q2 2025, but trading activity remains historically strong, signaling a new phase of maturity and volatility.
According to recent data from CCData, total trading volume on centralized crypto exchanges (CEXs) — including both spot and derivatives markets — has reached a staggering $80 trillion over the past 12 months.
Market Snapshot: Two Halves, One Trend
The data reveals a clear two-part trend. In mid-2024, trading volumes slumped, dropping to just $4–5 trillion per month, with September 2024 marking the yearly low at $4.34 trillion. At that time, market fatigue and weak investor sentiment kept activity low.
However, everything changed in late 2024. A sharp rebound began in winter, driven by optimism surrounding the U.S. elections and the approval of Ethereum ETFs. The surge peaked in December, when monthly volumes reached $11.3 trillion, the highest in the year.
Q2 Cooldown… But Still Elevated
After the December rally, trading volume cooled but didn’t crash. In March and April 2025, monthly volumes stabilized at around $6.8 trillion — a notable 30% higher than mid-2024 lows. This suggests the market may be settling into a new, elevated trading range.
Derivatives Continue to Dominate
A major theme in the market was the continued dominance of crypto derivatives, especially perpetual contracts. Throughout the year, derivatives trading volume consistently outpaced spot trading by a 2:1 ratio. Even during the peak in December, derivatives made up 67% of all volume.
Institutional investors and high-frequency traders continue to fuel liquidity in the derivatives market, despite tighter regulatory oversight and global scrutiny.
What’s Next?
The recent uptick in derivatives volume, after four straight months of decline, may indicate renewed risk appetite and speculative momentum returning to the market. While it’s too early to call a new bull run, market watchers see this as a sign that traders are again preparing for volatility.
Meanwhile, Binance remains the top player in stablecoin holdings, reportedly holding $31 billion in USDT and USDC, further highlighting its influence on global crypto liquidity.
Key Takeaways:
- $80 trillion in total crypto trading volume over the past year.
- Derivatives trading led the market, making up over two-thirds of total volume.
- Despite cooling in Q2, volumes remain 30% above 2024 lows.
- Market sentiment shows signs of stabilizing, with a possible uptick in speculative interest.
