Cryptocurrency spot buying and selling declined by one other 22% in Q2 2025, extending its stoop regardless of bullish market situations, in accordance with a brand new report.
After falling from $5.3 trillion in This autumn 2024 to $4.6 trillion in Q1 2025, crypto spot buying and selling volumes on main centralized exchanges (CEXs) plunged additional to $3.6 trillion in Q2, the crypto analytics platform TokenInsight stated in its newest trade report launched on Wednesday.
The continuing downturn within the spot market got here amid a drop in altcoin buying and selling exercise and liquidity in Q2, which contrasted with resilience in derivatives markets.
“Merchants maintained their Q1 choice for high-frequency derivatives buying and selling amid market uncertainty, aiming to hedge dangers and leverage volatility,” the TokenInsight’s analysis group wrote within the report.
MEXC spot trades surge regardless of total stoop
Whereas the typical day by day spot buying and selling quantity dropped 23%, falling from $52 billion in Q1 to $40 billion in Q2, a number of exchanges elevated their spot buying and selling volumes final quarter.
MEXC, which has quickly emerged as a serious CEX lately, recorded the most important acquire within the spot buying and selling market amongst exchanges in Q2, rising by 2.7%. The one different trade to see spot buying and selling development was Bitget, with spot volumes edging up round 0.7%.
After two consecutive quarters of declining spot buying and selling volumes, the market is predicted to keep up this downward trajectory, in accordance with TokenInsight.
“As a result of ongoing financial uncertainty, in addition to restricted liquidity and weak buying and selling exercise within the altcoin spot market, spot buying and selling quantity in Q3 2025 is projected to stay subdued, fluctuating between $3 trillion and $3.5 trillion,” the report famous.
Crypto derivatives present resilience
Whereas spot markets on CEXs tumbled prior to now quarter, crypto derivatives proved comparatively resilient to cost volatility.
In Q2 2025, derivatives buying and selling quantity totaled $20.2 trillion — a 3.6% dip from $20.9 trillion in Q1. Regardless of the modest decline, the figures underscore the continued impression of the broader market correction, in accordance with TokenInsight.
“Though market sentiment was briefly lifted in early April by the Federal Reserve’s resolution to pause charge hikes, considerations over world financial slowdown and geopolitical tensions continued to dominate investor conduct,” TokenInsight famous.
Bitcoin ETFs shine as CEX volumes decline
In distinction to CEXs’ dynamics in spot and by-product markets, crypto exchange-traded funds (ETFs) skilled outstanding development in Q2, with main issuers like BlackRock posting a 370% surge in inflows in comparison with the earlier quarter.
BlackRock’s success got here amid a broader surge in world crypto exchange-traded merchandise (ETPs), which attracted $17.8 billion in inflows throughout the first half of 2025. Practically $15 billion of that complete influx got here from BlackRock alone, in accordance with information from CoinShares.
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Pushed by rising inflows into Bitcoin funds and growing company adoption, Bitcoin’s value rebounded strongly in Q2, surging 25% over the quarter, in accordance with CoinGecko. This marks a pointy reversal from the 12% decline recorded in Q1.
“Trade tokens stay carefully tied to the altcoin market, the place buying and selling exercise and liquidity declined notably throughout the quarter, additional weakening help for platform tokens,” TokenInsight concluded, including:
“Trying forward, the efficiency of trade tokens is predicted to stay divergent in Q3 2025.”
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