On-chain data shows that cryptocurrency trading volume on centralized exchanges has fallen to $4.3 trillion, a roughly 50% decline from Bitcoin’s peak in October.
Cryptocurrency exchange volume has seen a significant decline
According to data from the on-chain analytics company Cryptoquantthe trading volume of cryptocurrencies on centralized exchanges began to decline. the “Trading volumeHere it refers to an index that tracks the total amount of a particular asset or group of assets involved in trading activity on exchanges.
Below is the chart shared by CryptoQuant that shows the trend in this metric for the entire cryptocurrency sector over the past few years.
The value of the metric seems to have plunged in recent days | Source: CryptoQuant on X
As can be seen in the chart, cryptocurrency trading volume rose to a peak level during the last quarter of 2024, indicating that traders were at their most active on the exchanges. In 2025, the second peak coincided with Bitcoin rising to a new all-time high (ATH).
That these two spikes coincided with rising prices is not surprising, as upward price action tends to attract noise, which naturally leads to higher trading activity. In contrast, bearish or sideways phases tend to scare investors away. From the chart, it appears that the latest impact has followed the bearish reversal that cryptocurrencies have seen since Q4 2025.
Compared to the peak in October, today’s cryptocurrency trading volume is down 48%. Of the $4.3 trillion that exchanges currently monitor, only $0.8 trillion is transacted on spot platforms. Therefore, the perpetual futures markets appear to be seeing the most activity.
As for individual exchanges, Binance It is still the most dominant platform.
Looks like Binance used to have an even larger market share | Source: CryptoQuant on X
From the chart, it appears that Binance accounts for the largest share of the exchange’s trading volume. However, its dominance has actually diminished over the years. At its peak in the previous cycle, Binance controlled the majority of the market.
In some other news, the recent rise in Bitcoin prices has led to a breakout of a key trading level Realized price Level, as highlighted by CryptoQuant in X mail. The “price achieved by the trader” here refers to the average cost basis of new BTC buyers.
The trend in the BTC Trader Realized Price over the last year | Source: CryptoQuant on X
As shown in the chart, the lower band of the trader’s realized price served as the upper limit for BTC over the past few weeks, but the recent rally has taken the coin beyond the line. “If this continues, $79,000 is next, a major bear market cap and test of structural recovery,” the analytics firm noted.
Bitcoin price
At the time of writing, Bitcoin is trading around $71,800, up more than 7.5% in the past seven days.
Featured image by Dall-E, chart from TradingView.com
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