Cryptocurrency markets are showing signs of cooling as spot trading volumes on centralized exchanges (CEXs) have plunged to levels not seen since mid-2025. January 2026 saw spot turnover on CEXs reach $1.1 trillion, a figure that highlights reduced investor engagement. This decline suggests a weakening in demand within the crypto space, potentially indicating a shift in investor sentiment or market dynamics.
While spot volumes have decreased, the overall picture of crypto trading in 2025 reveals a more nuanced perspective. A recent analysis shared by CoinGecko indicates that total spot trading volume for the leading 10 CEXs in 2025 climbed to $18.7 trillion, marking a 7.6% increase compared to 2024. However, examining specific monthly data reveals some volatility. In December 2025, Binance, while maintaining its lead with a spot trading volume of $361.8 billion, experienced a 40.6% drop from the previous month's $609 billion; this was attributed largely to pessimistic investor mood triggered by a large-scale liquidation incident in October. Bybit and MEXC followed, also posting monthly declines.
Binance continues to hold a dominant position in the crypto exchange landscape. Its spot trading volume is approximately five times higher than that of the second-largest exchange. This highlights Binance's strong liquidity and concentration of traders, solidifying its role as a primary hub for the global crypto market. Despite a slight year-over-year dip of 0.5%, Binance commanded 39.2% of the market in 2025, generating $7.3 trillion in trades.
Other exchanges have shown varied performance. Bybit experienced a 13.7% annual decrease due to a security incident. MEXC, on the other hand, saw substantial growth of 90.9%, fueled by its no-fee trading model. Gate.io, Crypto.com, and Bitget also experienced growth, while OKX, Coinbase, HTX, and Upbit had mixed results.
Recent market activity shows a decrease in the stablecoin market cap by $3.94 billion, driven by outflows from Ethereum, Solana, and Base. Despite this, some companies have increased their Bitcoin holdings. Technical indicators suggest a potential short-term rally for Bitcoin towards $82,000–$85,000. Bitcoin's price has shown resilience, recovering to around $78,000 after a drop to $74,555, which some analysts suggest may represent a market bottom for 2026.
Overall, while spot crypto volumes have seen a recent dip, the broader market context reveals growth in 2025, coupled with the continued dominance of major exchanges like Binance. The recent decline in trading volumes may reflect a period of recalibration, influenced by various factors, including investor sentiment, security incidents, and macroeconomic conditions.