Catenaa, Thursday, April 24, 2025-Crypto exchange volumes have plummeted to their lowest levels in six months, according to data from The Block, as traders increasingly move away from spot trading in favor of more speculative futures contracts.
The seven-day moving average for trading volume across major centralized exchanges, including Binance, Coinbase, and Bitfinex, dropped to just over $32 billion on Saturday — marking the lowest point since mid-October 2024.
This figure represents a significant decline from the $132 billion seen in early December 2024, a drop of over 75%. Trading volumes on decentralized exchanges (DEX) are also expected to hit their lowest levels since October of last year.
Spot trading, traditionally seen as reflecting real demand for cryptocurrencies, has significantly fallen behind futures trading. The 30-day moving average ratio of spot Bitcoin trading to futures trading is currently at 0.19, the lowest since early August 2024.
The Ethereum spot-to-futures ratio has similarly dropped to 0.20, its lowest since December 2023.
Despite the downturn in trading activity for Bitcoin and Ethereum, Solana has shown a slight uptick in exchange volume, reversing a declining trend from earlier in the year. This shift in trading behavior could reflect increasing interest in speculative and leveraged positions rather than long-term asset accumulation.
