CCData data: Cryptocurrency exchange trading volume fell for the first time in 4 months

According to a report by digital asset data company CCData, the combined spot and derivatives trading volume of all centralized cryptocurrency exchanges (CEXs) recorded $9.03 trillion in January 2025, a 20.2% decline, which is the first decline since September 2024. The data shows that the spot trading volume of these platforms decreased by 22.9% to $2.88 trillion, while the derivatives trading volume decreased by 18.8% to $6.15 trillion. Although overall trading activity has decreased, the share of the derivatives market has risen for the first time in three months, from 67% in December to 68.1%. In addition, the total open interest of all financial instruments on CEXs increased by 8.35% to $112 billion. The decline in trading volume occurred after increased volatility in the cryptocurrency market, which CCData associates with the uncertainty following the inauguration of US President Donald Trump on January 20. The report states: "This decline can be attributed to the market's cautious attitude following Trump's inauguration and the tariff-related policies he has implemented at the start of his new term." Within weeks of taking office, Trump announced tariffs on China and potentially similar measures on Canada and Mexico, which increased investor uncertainty. Prior to this, cryptocurrency trading activity had seen a surge following the US presidential election in November last year, with trading volume reaching a record high of $11.3 trillion in December. The report indicates that the world's largest cryptocurrency exchange, Binance, experienced its first decline in spot and derivatives trading volume in four months, down 20.3% (to $754 billion) and 19.2% (to $2.44 trillion), respectively. The second-largest exchange, Bybit, also saw a decline in trading activity, with spot and derivatives trading volume down 11% (to $220 billion) and 18.5% (to $977 billion), respectively. Despite the overall downward trend, a few platforms have seen growth. The largest institutional trading platform, the Chicago Mercantile Exchange (CME), saw an 8% increase in trading volume in January, reaching a new high of $285 billion. CCData notes that this is the fourth consecutive month of growth for CME, primarily driven by increased activity in BTC futures and options, although ETH futures trading volume saw its first decline in four months.