Crypto Exchange Volumes Drop for First Time In Four Months: CCData

For the first time in four months, centralized crypto exchanges (CEXs) recorded a decline in trading volumes in January, according to a new report by CCData.

The combined spot and derivatives trading volume on these platforms decreased by 20.2%, totaling $9.03 trillion for the month. Spot trading volumes fell by 22.9% to $2.88 trillion, marking the first decrease since September 2024. Derivatives trading recorded an 18.8% decline, bringing volumes down to $6.15 trillion.

Despite the overall reduction in trading activity, the derivatives market's share rose for the first time in three months, increasing to 68.1% from December's 67.0%. Additionally, open interest across all instruments on CEXs spiked 8.35% to $112 billion.

The Trump Effect

The decline in trading volumes followed heightened volatility in the crypto market, which CCData linked to uncertainty following President Donald Trump’s inauguration on Jan. 20, 2024.

“This drop can be attributed to market caution following Donald Trump’s inauguration and his initial tariff-related policies at the start of his new term,” the report reads. In the weeks after taking office, Trump imposed tariffs on China and signaled similar measures for U.S. border neighbors Canada and Mexico, adding to investor uncertainty.

January's drop came after a surge in activity since November’s election, with trading volumes hitting a record $11.3 trillion in December 2024, according to a report by CCData.

That month, combined spot and derivatives trading volume on CEXs rose by 7.6%, marking an all-time high for digital asset trading on these platforms.

CME, Binance, and ByBit

The findings weren’t all bleak, as trading volumes on the largest institutional trading venue, CME, climbed 8% in January to reach $285 billion, setting a new all-time high for the exchange.

This marked the fourth consecutive month of growth, fueled by increased activity in Bitcoin futures and options, CCData noted.

BTC futures trading also surged 12.2% to a record $220 billion, while BTC options recorded an even sharper increase of 125%, reaching $5.73 billion. In contrast, Ethereum futures trading on CME declined for the first time in four months, falling 12.9% to $41.3 billion. Despite this, options trading on the exchange soared, with total options volume rising 112% to a record $6.18 billion.

Binance experienced a decline in its spot and derivatives trading volumes for the first time in four months as well, falling 20.3% and 19.2% to $754 billion and $2.44 trillion, respectively.

Bybit also recorded a downturn, with spot and derivatives trading volumes falling 11% and 18.5% to $220 billion and $977 billion, respectively.