[DigitalToday reporter Jinju Hong] Cryptocurrency trading volume on centralised exchanges has fallen to about half of its October 2025 peak.

CryptoQuant data cited on April 9 by blockchain outlet Cryptopolitan showed centralised exchange volume fell to $4.3 trillion from above $8 trillion.

Even as trading weakened, the market’s centre of gravity shifted from spot to derivatives. Perpetual futures volume at major centralised exchanges was $3.5 trillion, about 4 times total spot volume on centralised exchanges. Perpetual futures accounted for more than 70 percent of all centralised trading.

The mix of market participants also changed. CryptoQuant viewed derivatives traders as accounting for most crypto trading now. It said the preference for futures, perpetual swaps and options has increased the share of sophisticated traders in the market. Institutions and professional traders led the market, accounting for $3.5 trillion of total derivatives trading of $4.3 trillion in 2025.

The drop in volume has continued this year. Perpetual futures volume fell to $3.57 trillion in February from $3.67 trillion in January. Spot volume slipped to $1.01 trillion in February from $1.1 trillion in January and fell further to $818.45 billion in March. Spot volume on centralised exchanges also dropped below $1 trillion last month.

Binance maintained its lead among exchanges. It posted $248 billion in spot volume last month. Its market share fell to about 32 percent in March from 37 percent, but year-to-date spot volume was close to $1 trillion. MEXC recorded $77 billion for 9 percent, while Bybit posted $59 billion for 7 percent. Gate and Crypto.com recorded $56 billion and $52 billion, respectively.

Binance also held the top position in derivatives. Binance’s March perpetual futures volume was $1.4 trillion. OKX, Bybit, Bitget and Coinbase International followed with $700 billion, $500 billion, $300 billion and $200 billion, respectively. Binance accounted for 40 percent of year-to-date perpetual futures volume at more than $4.5 trillion. OKX had 19 percent and Bybit 13 percent.

The sharp drop in volume did not immediately lead to worse execution quality. CryptoRank preliminary data showed spreads widened somewhat in some low-liquidity altcoins, but major pairs such as bitcoin and ether maintained stable execution quality despite low volumes. Incentives for liquidity providers are also being adjusted to keep spreads tight in low-volume conditions.