CoinDesk Data – Exchange Review, Sep 2025

The main theme of the report is the analysis of cryptocurrency exchanges, including trading volumes on spot and derivatives markets, market segmentation by fee models, and volumes of crypto-to-crypto and fiat-to-crypto trades.

Key findings include a decrease in trading activity on centralized exchanges in September, with total volumes dropping by 17.5% to $8.12 trillion. Spot trading volumes fell by 9.43% to $2.14 trillion, while derivatives volumes decreased by 20.1% to $5.98 trillion. This decline aligns with typical seasonal patterns for this time of year.