Exchange Review - May 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market.
Updated Jul 1, 2025, 4:55 p.m. Published Jun 18, 2025, 4:53 p.m.
Back to Research
Share this article
What to know:
- Crypto Volumes Rises To The Highest Level Since January 2025
- HTX and Gate Leads Spot and Derivatives Market Share Gains
- ETH CME Volume Surges
In May, the combined spot and derivatives trading volume on centralized exchanges rose by 19.8% to $8.46T, the highest total since January. Spot volumes rose for the first time in five months, rising 17.3% to $2.07T. In contrast, derivatives trading volumes rose 20.6% to $6.39T — the highest since December 2024.
This shift pushed derivatives market share to 75.5%, up from 75.0% the previous month — the highest level since September 2023. The surge in trading volumes aligns with broader strength in digital asset markets, as Bitcoin reached a new all-time high of $111,960 amid easing macroeconomic concerns.
Download Report
Share this article
