Exchange Review November 2025

CoinDesk Data’s Exchange Review offers a comprehensive monthly deep dive into the global cryptocurrency exchange market. Designed for investors, analysts, regulators, and enthusiasts alike, this report delivers critical insights into market movements—from spot and derivatives trading volumes to fee model segmentation and fiat-vs-crypto dynamics.

  • December 16, 2025
Report cover

Exchange Review November 2025

CoinDesk Data’s Exchange Review offers a comprehensive monthly deep dive into the global cryptocurrency exchange market. Designed for investors, analysts, regulators, and enthusiasts alike, this report delivers critical insights into market movements—from spot and derivatives trading volumes to fee model segmentation and fiat-vs-crypto dynamics.

  • December 16, 2025

Report Summary

  • Combined spot and derivatives volumes experienced their largest month-on-month decline since April 2024, plummeting 24.7% to $7.74T.
  • Spot trading volumes decreased 21.1% to $2.13T, while derivatives volumes fell 26.0% to $5.61T - marking the lowest monthly volume for both markets in five months.
  • Derivatives trading volume on Binance dropped 27.4% to $1.98T, the exchange's largest monthly decline since April 2024 and lowest monthly figure since June.
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