The month of February 2025 recorded a significant decline in trading volumes for spot and derivatives on major centralized exchanges (CEX). According to CoinGecko data, the spot trading volume decreased by 21% compared to January. Derivatives trading also experienced a contraction of 17% in the same period.
Summary
Spot Trading: Bitfinex on the rise despite the general decline
Despite the overall decline, some exchanges recorded positive results. Bitfinex increased its spot trading volume by 14%, making it the top performer. It is followed by MEXC with a +3% and Bitget, which instead recorded a decline of 15%, but still remained among the best in terms of percentage change.
On the other hand, some exchanges have experienced strong contractions. Upbit recorded a -46%, marking the worst performance among the platforms analyzed. Also, Crypto.com (-29%) and Kraken (-27%) have experienced significant drops in spot trading volumes.
Derivatives market: MEXC and Gate.io resist the bear trend
The derivatives trading sector has shown a dynamic similar to the spot one. MEXC stands out with a growth of 7%, followed by Gate.io (+4%) and HTX, which instead lost 13%.
Among the exchanges that have experienced the most marked declines we find Crypto.com (-27%), Kraken (-26%), and KuCoin (-25%). These numbers highlight a general slowdown in derivatives trading, consistent with the decline observed in spot trading.
Traffic on exchange websites: strong fluctuations
In addition to the trading volumes, the traffic on the exchange websites has also experienced a decline, recording a 20% decrease compared to January, according to data collected by Similarweb.
Some exchange, however, have seen an increase in visits. HTX recorded a 45% increase, followed by OKX (+15%) and Bitget (+6%).
On the contrary, other exchanges have suffered a drastic drop in traffic. In particular, KuCoin lost 62% of visits, marking the worst performance. Upbit (-35%) and Coinbase (-29%) also experienced a significant drop in the number of users visiting their site.
Possible factors behind the decline in trading on centralized exchanges
Various factors may have influenced the decline in trading volumes and traffic on the websites of centralized exchanges. The activity of wash trading or the use of bots may have played a role in these variations, with a direct impact on the recorded data.
Furthermore, any regulatory changes, the adoption of new strategies by investors, or the general market volatility may have contributed to the reduction of activity on these platforms.
Conclusion
February 2025 marked a cooling in trading on centralized exchanges, with a 21% drop in spot trading and a 17% decline in derivatives. Although some exchanges like Bitfinex, MEXC, and Gate showed signs of growth, the overall trend was bearish.
The traffic on the exchange websites also experienced a contraction of 20%, with some exceptions like HTX and OKX, which recorded an increase in visits.
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