CCData: Cryptocurrency exchange turnover drops for the first time in 4 months

According to a report by digital asset data company CCData, the total spot and derivative trading volume of all centralized cryptocurrency exchanges (CEXs) recorded $9.03 trillion in January 2025, a decrease of 20.2%, marking the first decline since September 2024.

Data shows that spot trading volume on these platforms decreased by 22.9% to $2.88 trillion, while derivative trading volume decreased by 18.8% to $6.15 trillion. Despite a decrease in overall trading activity, the proportion of the derivatives market has increased for the first time in three months, rising from 67% in December to 68.1%. In addition, the total amount of open contracts for all financial instruments on CEXs increased by 8.35% to $112 billion.

The decline in turnover occurred after the increased volatility of the cryptocurrency market. CCData linked this situation with the uncertainty after US President Donald Trump took office on January 20. The report states:

"This decline can be attributed to Trump's cautious attitude towards the market after taking office and his tariff related policies at the beginning of his new term of office."

Trump announced to levy tariffs on China within a few weeks after taking office, and may take similar measures against Canada and Mexico, which has increased the uncertainty of investors. Prior to this, cryptocurrency trading activity experienced a wave of growth after the US election in November last year, with transaction volumes reaching a historic high of $11.3 trillion in December.

The transaction volume of Zhishang Exchange has reached a new high, while Binance and Bybit have declined

According to CCData's report, Binance, the world's largest cryptocurrency exchange by trading volume, experienced its first decline in spot and derivative trading volume in four months, with a decrease of 20.3% (to $754 billion) and 19.2% (to $2.44 trillion), respectively. Bybit, ranked second, also experienced a decline in trading activity, with spot and derivative transactions falling by 11% (to $220 billion) and 18.5% ($977 billion), respectively.

Despite the overall downward trend, there are still a few platforms experiencing growth. The largest institutional trading platform, the Chicago Mercantile Exchange (CME), saw an 8% increase in trading volume in January, reaching a new high of $285 billion. CCData pointed out that this is the fourth consecutive month of growth for CME, mainly driven by the increase in Bitcoin (btc) futures and options trading activity. However, Ethereum (ETH) futures trading volume has experienced its first decline in four months.

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