The cryptocurrency market recorded a staggering $80 trillion in trading volume across centralized exchanges (CEXs) over the past 12 months, according to data from CCData.
This figure encompasses both spot and derivatives markets, highlighting the sector’s growing volatility and the dominant role of perpetual futures in market activity.
Although the crypto market has cooled since its winter rally, trading activity in April and May 2025 held steady, signalling a potential shift toward a higher baseline in market participation.
In April alone, trading volume stood at $6.79 trillion—roughly 30% higher than the mid-2024 lows of around $4.34 trillion, which marked a period of weak sentiment and investor fatigue.
The data reveals two distinct periods: a subdued summer-autumn 2024, followed by a sharp upswing beginning in winter 2024. December marked the yearly high at $11.3 trillion, driven by optimism surrounding the U.S. presidential election and Ethereum ETF approvals.
Throughout the year, derivatives trading maintained a firm grip on the market, consistently doubling spot volumes. At the December peak, derivatives accounted for 67% of all trading activity, underscoring the continued appeal of leveraged trading and perpetual contracts among speculative and institutional players.
Despite increased regulatory scrutiny, the appetite for high-leverage strategies has remained strong, keeping derivatives at the centre of crypto market liquidity.
The relatively flat volume in April suggests the market has cooled from its Q4 highs. However, the fact that volumes remain significantly above last year’s lows may signal stabilisation at a stronger market floor.
Interestingly, a recent uptick in derivatives volume, following four months of decline, suggests that risk appetite may be returning. This could lay the groundwork for the next wave of speculative growth.
Meanwhile, Binance continues to lead in market infrastructure, boasting over $31 billion in stablecoin reserves (USDT and USDC)—a key indicator of its liquidity strength amid ongoing market shifts.
