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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.