Cryptocurrency spot trading volumes on centralised exchanges (CEXs) continued to fall in Q2 2025, despite a significant rebound in Bitcoin prices and a surge in exchange-traded fund (ETF) inflows. According to a new report by crypto analytics platform TokenInsight, the spot market saw a 22 percent decline, indicating a prolonged bearish sentiment in altcoin trading and liquidity.
Spot Trading Volumes Hit Fresh Lows
TokenInsight’s latest exchange report reveals that spot trading volumes on major CEXs fell from 4.6 trillion dollars in Q1 to 3.6 trillion dollars in Q2 2025. This marked the second consecutive quarterly drop, down sharply from 5.3 trillion dollars in Q4 2024.
The decline was attributed primarily to weakening interest and liquidity in the altcoin market. While Bitcoin surged, many traders opted for high-frequency derivatives trading instead of traditional spot positions, due to ongoing market uncertainty.
Quarterly trading volumes in crypto derivatives since Q3 2024. Source: TokenInsight
Average daily spot trading volume across CEXs fell by 23 percent during the quarter, from 52 billion dollars in Q1 to 40 billion dollars in Q2. Despite this, a few platforms defied the trend. MEXC recorded a 2.7 percent rise in spot volumes, while Bitget posted a modest 0.7 percent gain.
Market Outlook Remains Cautious
The report notes that the bearish trend is likely to persist in Q3 2025. TokenInsight expects spot trading volumes to fluctuate between 3 trillion and 3.5 trillion dollars in the coming quarter, citing limited liquidity, subdued altcoin activity, and wider economic concerns.
“Due to ongoing economic uncertainty, as well as weak trading in the altcoin spot market, the outlook for Q3 remains cautious,” the report said.
Derivatives Show Greater Stability
In contrast to the spot market, derivatives trading on CEXs displayed relative resilience. Total derivatives volume reached 20.2 trillion dollars in Q2, a slight dip from 20.9 trillion dollars in the previous quarter. The small decline suggests traders are increasingly using derivatives to hedge risk and respond to market volatility.
Spot versus derivative volume shares on major exchanges in Q2. Source: TokenInsight
While investor sentiment briefly improved in April following the US Federal Reserve’s pause on rate hikes, global economic slowdown fears and geopolitical instability kept risk appetite in check.
Bitcoin ETFs See Explosive Growth
While CEX spot trading struggled, Bitcoin ETFs posted exceptional growth. BlackRock led the way, reporting a 370 percent increase in quarterly inflows. Globally, crypto exchange-traded products (ETPs) attracted 17.8 billion dollars in the first half of 2025, with BlackRock accounting for nearly 15 billion of that total, according to CoinShares data.
This influx of institutional capital helped fuel Bitcoin’s recovery. The price of Bitcoin climbed 25 percent during Q2, reversing a 12 percent fall in Q1, according to CoinGecko.
Exchange Tokens Remain Under Pressure
Despite Bitcoin’s strong performance, platform tokens linked to centralised exchanges continued to struggle. TokenInsight highlighted that exchange tokens remain closely tied to altcoin trading activity, which fell significantly in Q2. As a result, the report expects further divergence in the performance of exchange tokens during Q3.
