Major CEXs have witnessed a significant decline in spot trading volume compared to the volume recorded in December 2024. The top exchange in terms of change rate was HTX, with negative 8% while Bitget trailed behind with -46%. The derivative trading volume decreased by 17% month-over-month.
Major crypto centralized exchanges witnessed a 25% drop in spot trading volume in January 2025 compared to the figures recorded in December 2024. Data collected and compiled by a WuBlockchain team shows that the top three exchanges in terms of change rate were HTX with a negative 8%, Kraken with a negative 10%, and Bybit with a negative 11%.
The exchanges that trailed behind claimed the bottom three spots: Bitget, with negative 46%; Kucoin, with negative 41%; and Mexc, with negative 36%.
Binance leads CEXs with the highest spot trading volume
A chart shared in the report shows that Binance recorded the largest volume in both December last year and January 2025. The chart shows that the exchange witnessed a spot trading volume of more than $1 trillion in December and about $782 billion in January.
Crypto.com claimed second place with $321 million in December and $262 million in January. Bybit came in third with $257 million in December and $228 million in January, while Upbit followed closely behind with $287 million in December and $185 million in January.
Kraken, KuCoin, and Bitfinex occupied the bottom three slots. Kraken’s spot trading volume was about $54 million in December and $48 million in January, while KuCoin’s settled at $78 million in December and $46 million in January.
According to the data, the MoM derivative trading volume declined by 17%. The data also showed that January’s top three firms in terms of change rate were Gate with a positive 3%, Mexc with a negative 4%, and Deribit with a negative 18%. Binance, Kraken, and Bybit claimed the bottom three slots with negative 21%, negative 21%, and negative 20% respectively.
Futures trading volume of CEXs declines by 17.4%
The futures trading volume of centralized exchanges in January 2025 also declined from December 2024. According to the report, the cumulative decline of the volume on CEXs dropped by 17.4%. Binance registered the largest decline, 21%, between the two months.
Kraken, Bybit, and crypto.com trailed behind Binance with 20.6%, 20.2%, and 20%, respectively. The report shows that Binance recorded the largest futures trading volume among the listed Centralized exchanges. In December 2024, the exchange saw a futures trading volume of $3 trillion, and in January, it saw $2.4 trillion.
OKX and Bybit followed Binance closely behind with $1.2 trillion each in December and about $900 billion each in January. In the two months, the Kraken exchange recorded the lowest futures trading volume, settling at $40 billion in December and $31 billion in January.
On the other hand, KuCoin recorded an 18.9% decline, while Deribit and OKX witnessed an 18.9% and 18.7% drop in the same time frame. Gate had the highest rate change of 2.8%, becoming the only exchange on the list with a positive rate change in futures trading volume between December and January.
CEX’s website traffic declined by 2.3%
In January, website traffic on the centralized exchanges under scrutiny also declined, registering a 2.3% drop from the previous month. Gate, Crypto.com, and Mexc claimed the top three positions with positive 46%, positive 28%, and positive 6%, respectively. On the other hand, HTX registered a negative 23%, while OKX recorded a negative 17%. Upbit followed suit with a negative 14% change rate.
Binance received the largest amount of website traffic in both December and January. The exchange saw 83 million website visits in December and 77 million visits in January. Data from SimilarWeb shows that 9% of Binance website traffic in the two months was from India and 8% from Brazil.
Coinbase followed Binance with 65 million visits in December and 61 million visits in January. According to SimilarWeb, the majority of the exchange’s visits are from the U.S. (64%), while the U.K. and Brazil only accounted for 5% and 4%, respectively.
