Crypto Exchanges Face Sharp Volume Decline as Market Conditions Shift

Crypto exchanges experienced a significant downturn in June 2025, with combined spot and derivatives trading volumes plummeting 22.8% to $6.48 trillion.

This marked the lowest trading activity since October 2024, signaling a notable shift in market dynamics across centralized platforms.

The decline affected both major trading categories, with spot volumes dropping 26.7% to $1.44 trillion and derivatives trading falling 21.6% to $5.04 trillion.

Despite the overall reduction, derivatives maintained their dominance, capturing 77.8% of total market share compared to 76.6% in the previous month—the highest proportion since September 2023.

Market Leadership Changes Among Major Crypto Exchanges

Binance strengthened its position during the downturn, increasing its derivatives market share by 1.46% to reach 37.6%. The platform processed $1.89 trillion in derivatives volume despite an 18.4% monthly decline.

Gate emerged as another winner, posting the second-largest market share gain of 1.01% to reach 5.14%, while maintaining relatively stable performance with only a 2.57% volume decrease.

The competitive landscape saw significant shifts as Gate surpassed established players like Hyperliquid, CME, and Coinbase International to become the fifth-largest derivatives exchange by volume.

Gate now commands 10.6% of aggregate open interest across all trading pairs and platforms.

On-Chain Trading Platforms Show Resilience

Hyperliquid, the leading on-chain derivatives platform, demonstrated remarkable growth despite market headwinds.

While its trading volume declined 12.1% to $215 billion—the first decrease in three months—its market share among derivatives exchanges reached a new all-time high of 4.26%.

The platform’s open interest surged 24.8% to $7.43 billion, reflecting growing adoption of decentralized trading infrastructure.

Institutional Activity Remains Subdued

CME’s institutional trading segment reflected broader market sentiment, with total derivatives volume falling 5.92% to $198 billion. Bitcoin futures led the decline with a 5.38% drop to $138 billion, while options trading experienced a more severe 32.6% contraction to $2.70 billion.

The widespread volume decline coincided with Bitcoin’s consolidation below previous highs and broader digital asset price corrections amid escalating geopolitical tensions, particularly in the Middle East region.