Crypto spot trading declined by 22% in Q2 2025, extending its slump despite bullish market conditions . According to a new report, after falling from $5.3 trillion in Q4 2024 to $4.6 trillion in Q1 2025, crypto spot trading volumes on major centralized exchanges (CEXs) plunged further to $3.6 trillion in Q2 .
The ongoing downturn in the spot market came amid a drop in altcoin trading activity and liquidity in Q2, which contrasted to resilience in derivatives markets . Traders maintained their Q1 preference for high-frequency derivatives trading amid market uncertainty, aiming to hedge risks and leverage volatility . While the average daily spot trading volume dropped 23%, falling from $52 billion in Q1 to $40 billion in Q2, a few exchanges increased their spot trading volumes last quarter .
BNB surged nearly 2% to approach $700, buoyed by Binance's dominance in Q2 trading volumes, which accounted for over 35% of global activity . The token's adoption is expanding, particularly in corporate treasuries and tokenized securities initiatives .
Conversely, a report from TokenInsight indicates a 22% decline in cryptocurrency spot trading volume in Q2 2025, attributed to reduced altcoin activity despite a favorable market backdrop . This decline contrasts with the resilience of the derivatives market, where traders are increasingly engaging in high-frequency trading .
After two consecutive quarters of declining spot trading volumes, the market is expected to maintain this downward trajectory, according to TokenInsight . Due to ongoing economic uncertainty, as well as limited liquidity and weak trading activity in the altcoin spot market, spot trading volume in Q3 2025 is projected to remain subdued, fluctuating between $3 trillion and $3.5 trillion .
While spot markets on CEXs tumbled in the past quarter, Bitcoin ETFs saw remarkable growth, with major issuers like BlackRock reporting a 370% surge in inflows .