Cryptocurrency trading volumes fall 20% in month
Investor sentiment in the cryptocurrency space took a hit in February as fears mounted that President Donald Trump’s proposed tariffs on Mexico, Canada, and other trading partners could stifle international commerce.
Combined spot and derivatives trading on centralized exchanges fell 21% to $7.2 trillion—levels not seen since October—according to CoinDesk.
Declining Volumes Amid Tariff Threats
Since November, the Trump administration’s threats to impose tariffs on key trading partners, including China and the European Union, have added uncertainty. These measures are aimed at addressing what the U.S. considers unfair trade practices. However, the resulting caution among investors has led to reduced demand for risky crypto investments.
Among centralized exchanges, Binance retained its dominant position with a 27% market share, followed by Crypto.com at 8.1%, Bybit at 7.4%, with Coinbase and MEXC Global rounding out the top five. Meanwhile, derivatives trading experienced a steep decline; CME, the leading institutional trading venue, saw its volume drop 20% to $229 billion, with Bitcoin futures falling 20% to $175 billion and Ether futures sliding 13% to $35.9 billion.
Institutional Resilience Amid Retail Retreat
The decline in trading coincided with a drop in the BTC CME annualized basis to 4.08%, its lowest since March 2023. Despite the downturn, CME’s market share among derivatives exchanges grew to a record 4.67%, suggesting that institutional participation remains robust even as retail activity wanes.
Robinhood, for example, recently reported a 29% fall in its crypto trading volume in February, reflecting a broader retail retreat. Total open interest across all trading pairs on centralized exchanges also fell 30% to $78.8 billion, marking the lowest levels since early November as traders liquidated positions amid the drawdown.
Recently we wrote, that Bitcoin’s market dominance has surged to its highest level in years, even as the number of active users on its network declines.
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