On-chain data shows that crypto trading volume on centralized exchanges fell to $4.3 trillion, a nearly 50% drop from October’s Bitcoin peak.
Crypto trading volume saw a significant decline
According to data from on-chain analytics firm CryptoQuant, crypto trading volume from centralized exchanges has cooled. “Trading volume” here refers to an indicator that tracks the total amount of a given asset or group of assets involved in trading activity on exchanges.
Below is the chart shared by CryptoQuant that shows the trend of this metric for the entire crypto industry over the past few years.
The value of the metric seems to have plunged in recent days | Source: CryptoQuant on X
As the chart shows, cryptocurrency trading volume reached an all-time high during the last quarter of 2024, suggesting that traders were the most active on exchanges. In 2025, a second peak aligned with Bitcoin’s rally to its new all-time high (ATH).
These two highs coinciding with price increases are not surprising, as bullish price action tends to attract hype, which naturally results in higher trading activity. On the other hand, bearish or sideways phases tend to scare investors. From the chart, it is visible that this latter effect followed the bearish reversal that the crypto has experienced since the last quarter of 2025.
Compared to the October peak, crypto trading volume is now down 48%. Of the volume of $4.3 trillion currently observed by the stock exchanges, only $0.8 trillion is generated on spot platforms. So, it would appear that the perpetual futures markets are seeing the bulk of the activity.
In terms of individual exchanges, Binance continues to be the most dominant platform.
Looks like Binance used to have an even larger market share | Source: CryptoQuant on X
From the chart, it is visible that Binance occupies the largest share of the stock trading volume. But its dominance has actually waned over the years. At its peak during the previous cycle, Binance controlled the majority of the market.
Furthermore, the latest Bitcoin price surge led to a breakout above a key trader-realized price level, as CryptoQuant highlighted in an article
The trend in the BTC Trader Realized Price over the last year | Source: CryptoQuant on X
As the chart shows, the lower band of the trader’s realized price has served as the upper limit for BTC over the past few weeks, but the latest rally has pushed the coin beyond the line. “If this holds, $79,000 will come next – the key bear market ceiling and test of structural recovery,” the analytics firm noted.
BTC Price
At the time of writing, Bitcoin is floating around $71,800, up over 7.5% over the past seven days.
Featured image of Dall-E, chart from TradingView.com
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