Coin Desk – Exchange Review, Jan 2025

The report by Coin Desk 'Exchange Review' details a decline in trading volumes on centralized exchanges in January 2025, marking the first drop in four months. The combined spot and derivatives trading volume fell by 20.2% to $9.03tn, with spot trading volume decreasing by 22.9% and derivatives by 18.8%. Despite the decline, derivatives market share increased slightly, with open interest rising by 8.35% to $112bn, indicating traders' shift towards hedging. CME recorded new all-time highs in trading volumes with significant increases in BTC futures and options.