Cryptocurrency trading activity reached an unprecedented peak in 2025, with combined exchange volumes hitting a staggering $79 trillion, according to data from on-chain analytics firm CryptoQuant. This historic milestone underscores a massive surge in market participation and liquidity.
The breakdown reveals a significant dominance of derivatives trading. Futures contract volumes accounted for $61 trillion of the total, while spot trading—the direct purchase and sale of assets—reached $18 trillion. This disparity highlights a structural shift in the market, where price discovery and trading activity are increasingly driven by leveraged positions and hedging strategies rather than direct asset ownership.
CryptoQuant CEO Ki Young Ju shared the data, noting it reflects a maturing market with deepening liquidity. The record volumes were fueled by both centralized exchanges (CEXs) like Binance, Coinbase, and Bybit, and decentralized exchanges (DEXs) such as dYdX and GMX. Factors contributing to the boom include enhanced user interfaces, greater regulatory clarity in some regions, and the popularity of perpetual futures contracts.
The explosive growth, which saw a sharp acceleration from 2024 into 2025, signals growing confidence from both institutional and retail investors. Analysts suggest that if this trend continues, 2026 could see further capital inflows, potentially bolstered by additional spot ETF approvals and broader institutional adoption.
