CoinDesk Data's monthly Exchange Review highlights the key developments in the cryptocurrency exchange market. Our analysis covers exchange volumes, derivatives trading, institutional CME activity, open interest, and more.

In September, the combined spot and derivatives trading volumes on centralised exchanges dropped by 17.0% to $4.34tn, marking the lowest level of monthly activity since June. This decline aligns with the end of the seasonality period, a time typically associated with reduced trading activity.