Cryptocurrency trading volumes fell sharply in February as President Donald Trump’s tariffs on Mexico, Canada and other countries curtail international trade, concerns that it would curb investors’ demand for adding risky investments.
According to Coindesk Data’s latest Exchange Review, the combined spot and derivative exchange volume on centralized exchanges fell 21%, down to $7.2 trillion, the lowest level since October.
Since November, the Trump administration has threatened to impose tariffs on trade partners, including China and the European Union, in response to the consideration of unfair trade practices against the United States in a variety of industries.
In the midst of a central exchange, Binance maintained its position as the largest spot trading platform with a market share of 27%. Crypto.com (8.1%) and Bybit (7.4%) then ended up in the top five with Coinbase (Coin) and Mexc Global.
Monthly spots and derivative volumes for centralized exchanges as of February 2025 (Coindesk data)
Derivative trading also saw a significant decline, with CME (the largest institutional crypto trading venue) recording its first volume decline in five months. CME trading volume fell 20% to $229 billion, Bitcoin futures activity slid to 20% to $175 billion, and ether futures fell 13% to $35.9 billion.
The decline in trading coincided with the annual decline in BTC CME. This fell to 4.08%, the lowest level since March 2023. Nevertheless, CME’s market share in derivative exchanges has increased to a record 4.67%.
The increase suggests that while retail trading activity has declined recently, Robinhood (Hood) has reported a 29% decline in crypto trading volume in February, retaining institutional interest in the industry.
Total amount across all trading pairs on the centralized exchange has fallen to $78.8 billion, down 30% since November 5th. It says this is the lowest since November 5th, reflecting the heavy liquidation that has endured during the recent drawdown.
