Exchange Review May 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

June 19, 2025

Exchange Review May 2025

June 19, 2025

Report Summary

Trading activity surged dramatically in May amid Bitcoin's climb to new all-time highs. Centralized exchanges recorded their highest combined trading volume since January, climbing 19.8% to $8.46T. This marked the first increase in spot volumes in five months, with spot trading rising 17.3% to $2.07T and derivatives trading jumping 20.6% to $6.39T.

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Combined spot and derivatives trading volumes on centralized exchanges declined 2.41% to $5.61T, marking the lowest level of activity since October 2024.

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Trading activity on centralized exchanges rebounded in January as total combined spot and derivatives trading volumes climbed 2.43% to $5.95 trillion.

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