Crypto Trading Volumes Drop in February

Crypto trading volumes sharply declined in February due to concerns regarding President Donald Trump’s tariffs on Mexico, Canada, and other nations, which reduced investor demand for risky investments.

Combined spot and derivatives trading volume on centralized exchanges dropped by 21% to $7.2 trillion, marking the lowest level since October, as reported by CoinDesk Data’s latest Exchange Review.

Since November, the Trump administration has threatened to impose tariffs on trading partners such as China and the European Union in response to perceived unfair trade practices against the U.S. in various industries.

Among centralized exchanges, Binance retained its position as the largest spot trading platform with a 27% market share. Following Binance were Crypto.com with 8.1%, Bybit with 7.4%, and Coinbase (COIN) and MEXC Global making the top five.

Monthly Trading Volumes (February 2025)

(CoinDesk Data)

Derivatives trading also experienced a notable decline, with the CME— the largest institutional crypto trading venue— recording its first volume drop in five months. CME’s trading volume fell by 20% to $229 billion, with bitcoin futures activity sliding 20% to $175 billion and ether futures decreasing by 13% to $35.9 billion.

The decline in trading coincided with a decrease in the BTC CME annualized basis, which fell to 4.08%, the lowest since March 2023. Nonetheless, the CME’s market share among derivatives exchanges grew to a record 4.67%.

This increase suggests that while retail trading activity is decreasing— exemplified by Robinhood (HOOD) reporting a 29% drop in crypto trading volume in February— institutional interest in the industry remains steady.

Total open interest across all trading pairs on centralized exchanges fell 30% to $78.8 billion, the lowest since November 5, according to the report, reflecting heavy liquidations experienced during the recent downturn.