Crypto spot trading down 22% in Q2 despite Bitcoin rally: Report

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Cryptocurrency spot trading declined by different 22% successful Q2 2025, extending its slump contempt bullish marketplace conditions, according to a caller report.

After falling from $5.3 trillion successful Q4 2024 to $4.6 trillion successful Q1 2025, crypto spot trading volumes connected large centralized exchanges (CEXs) plunged further to $3.6 trillion successful Q2, the crypto analytics level TokenInsight said successful its latest speech study released connected Wednesday.

The ongoing downturn successful the spot marketplace came amid a driblet successful altcoin trading enactment and liquidity successful Q2, which contrasted with resilience successful derivatives markets.

“Traders maintained their Q1 penchant for high-frequency derivatives trading amid marketplace uncertainty, aiming to hedge risks and leverage volatility,” the TokenInsight’s probe squad wrote successful the report.

MEXC spot trades surge contempt wide slump

While the mean regular spot trading measurement dropped 23%, falling from $52 cardinal successful Q1 to $40 cardinal successful Q2, a fewer exchanges accrued their spot trading volumes past quarter.

MEXC, which has rapidly emerged arsenic a large CEX successful caller years, recorded the largest summation successful the spot trading marketplace among exchanges successful Q2, rising by 2.7%. The lone different speech to spot spot trading maturation was Bitget, with spot volumes edging up astir 0.7%.

After 2 consecutive quarters of declining spot trading volumes, the marketplace is expected to support this downward trajectory, according to TokenInsight.

“Due to ongoing economical uncertainty, arsenic good arsenic constricted liquidity and anemic trading enactment successful the altcoin spot market, spot trading measurement successful Q3 2025 is projected to stay subdued, fluctuating betwixt $3 trillion and $3.5 trillion,” the study noted.

Crypto derivatives amusement resilience

While spot markets connected CEXs tumbled successful the past quarter, crypto derivatives proved comparatively resilient to terms volatility.

In Q2 2025, derivatives trading measurement totaled $20.2 trillion — a 3.6% dip from $20.9 trillion successful Q1. Despite the humble decline, the figures underscore the ongoing interaction of the broader marketplace correction, according to TokenInsight.

“Although marketplace sentiment was concisely lifted successful aboriginal April by the Federal Reserve’s determination to intermission complaint hikes, concerns implicit planetary economical slowdown and geopolitical tensions continued to predominate capitalist behavior,” TokenInsight noted.

Bitcoin ETFs radiance arsenic CEX volumes decline

In opposition to CEXs’ dynamics successful spot and derivative markets, crypto exchange-traded funds (ETFs) experienced singular maturation successful Q2, with large issuers similar BlackRock posting a 370% surge successful inflows compared to the erstwhile quarter.

BlackRock’s occurrence came amid a broader surge successful planetary crypto exchange-traded products (ETPs), which attracted $17.8 cardinal successful inflows during the archetypal fractional of 2025. Nearly $15 cardinal of that full inflow came from BlackRock alone, according to information from CoinShares.

Driven by rising inflows into Bitcoin funds and increasing firm adoption, Bitcoin’s terms rebounded powerfully successful Q2, surging 25% implicit the quarter, according to CoinGecko. This marks a crisp reversal from the 12% diminution recorded successful Q1.

“Exchange tokens stay intimately tied to the altcoin market, wherever trading enactment and liquidity declined notably during the quarter, further weakening enactment for level tokens,” TokenInsight concluded, adding:

“Looking ahead, the show of speech tokens is expected to stay divergent successful Q3 2025.”

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