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Exchange Review - February 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.

Updated Sep 11, 2025, 3:24 p.m. Published Mar 12, 2025, 2:54 p.m.

Commissioned byGolfin

What to know:

In February, the combined spot and derivatives trading volume on centralized exchanges fell by 20.6% to $7.20tn, recording the lowest volumes since October. The decrease in trading activity coincides with the prices of digital assets making new yearly lows amidst macroeconomic uncertainty with U.S tariffs on Mexico and Canada set to go live in early March.