Despite Bitcoin’s strong rebound in Q2 2025, spot trading volumes on centralized crypto exchanges (CEXs) continued their steep descent.
According to TokenInsight, trading activity fell to $3.6 trillion last quarter, extending a months-long slump even amid bullish price action.
The retreat is largely driven by dwindling altcoin interest and low market liquidity, while traders increasingly lean into derivatives for short-term plays. Derivatives volumes dipped only slightly to $20.2 trillion, signaling continued demand for leveraged strategies.
Amid this shift, MEXC and Bitget were rare bright spots, posting modest increases in spot trading activity. But overall, the market is tilting toward ETFs and institutional flows. BlackRock alone attracted nearly $15 billion in H1 2025, fueling a total of $17.8 billion in global crypto ETP inflows.
Spot volumes are now projected to stay muted through Q3, hovering around $3–3.5 trillion, while exchange tokens tied to altcoin liquidity are expected to remain under pressure.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
Source: https://coindoo.com/crypto-spot-trading-slips-again-as-traders-pivot-to-derivatives-and-etfs/