Exchange Review - June 2025

Trading activity contracted sharply in June contrasting May's run that saw Bitcoin reach a new all-time high of $111,960. May had delivered the crypto market's strongest performance since January, with centralized exchanges recording their highest combined trading volume at $8.46T (+19.8% MoM) - marking the first increase in spot volumes in five months.

June painted a different picture. Centralized exchanges recorded their lowest combined trading volume since October 2024, falling 22.8% to $6.48T - with spot trading declining 26.7% to $1.44T and derivatives trading dropping 21.6% to $5.04T. The decline coincided with Bitcoin's consolidation below its previous all-time high and broader digital asset price retracements amid escalating geopolitical tensions in the Middle East.