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.
Download Report

More Featured Reports

Exchange Review February 2026
Combined spot and derivatives trading volumes on centralized exchanges declined 2.41% to $5.61T, marking the lowest level of activity since October 2024.
  • March 11, 2026
Read more
Exchange Review January 2026
Trading activity on centralized exchanges rebounded in January as total combined spot and derivatives trading volumes climbed 2.43% to $5.95 trillion.
  • February 16, 2026
Read more
Stablecoins & Tokenized Assets Report January 2026
CoinDesk Data’s Stablecoins & Tokenized Assets Report captures the key developments across the stablecoins and tokenization landscape. Our review focuses on market capitalization and trading volume trends for stablecoins, segmented by collateral type and pegged asset, alongside coverage of tokenized real-world assets; including commodities, equities, and treasuries.
  • February 10, 2026
Read more
Stablecoins & CBDCs Report - December 2025
The total stablecoin market resumed its upward trajectory after declining for the first time in 26 months in November, rising 1.25% to $310B. 
  • January 16, 2026
Read more

Subscribe to Our Newsletter

Get our latest research, reports and event news delivered straight to your inbox.