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Exchange Review - January 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 Aug 12, 2025, 3:39 p.m. Published Feb 5, 2025, 9:46 p.m.

What to know:

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 January, the combined spot and derivatives trading volume on centralised exchanges fell by 20.2% to $9.03tn, recording the first decline in four months. The decrease in trading activity follows a period of heightened volatility in the lead up to Donald Trump’s inauguration in the U.S.