Crypto trading volume hits $80 trillion in one year
Crypto market cools in Q2 2025, still 30% above 2024 lows
Despite a significant market cooldown after the winter months, monthly crypto trading volumes stabilized at a higher level in April and May.
According to CCData, the total trading volume on centralized crypto exchanges (CEXs) reached $80 trillion over the past year. This figure includes both spot and derivatives markets, reflecting sharp cyclical fluctuations, the structural dominance of perpetual contracts, and a new elevated level of volatility.
The 12-month chart clearly splits into two trading regimes. In summer–autumn 2024, monthly trading volumes dropped to $4–5 trillion, with September marking the yearly low of $4.34 trillion, reflecting market fatigue and weak sentiment.
Cryptocurrency trading volume in May 2024 - April 2025. Source: CCData
A strong uptrend began in winter 2024, peaking in December at $11.3 trillion, fueled by optimism around the U.S. elections and Ethereum ETF approval. Since then, volumes have moderated but remained high, hovering around $6.8 trillion in both March and April 2025.
Derivatives dominate
A consistent trend throughout the year was the structural dominance of derivatives, which outpaced spot volumes by a 2:1 margin. Even at the December peak, derivatives accounted for 67% of all crypto volume, underlining the influence of perpetual futures and leveraged products.
Institutional and speculative traders—drawn to high-leverage strategies—remain the key liquidity drivers, despite ongoing regulatory scrutiny.
Elevated cooldown
While April 2025’s flat volume of $6.79 trillion suggests a cooldown from the Q4 frenzy, it's still about 30% above the mid-2024 low, indicating that the market may have returned to a higher baseline level.
Moreover, after four months of decline, the first spike in derivatives volume hints that appetite for leverage could be stabilizing—potentially setting the stage for new speculative surges.
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