Spot trading activity across major crypto exchanges has declined significantly in 2025, according to data shared by Kaiko.
The chart shows that aggregate spot trading volumes are now down 66% since January, marking one of the sharpest contractions in exchange activity this year.
The visual tracks daily crypto spot trading volume using a 7-day moving average across major exchanges. Early in the year, volumes were elevated, with several sharp spikes reflecting periods of heightened market participation. As the year progressed, those spikes became less frequent and less intense, signaling a steady reduction in trader engagement.
A notable data point highlighted on the chart shows spot trading volume reaching $24.4 trillion on October 16, 2025, after which activity declined further. The shaded section toward the right side of the chart emphasizes this recent period, where volumes trend noticeably lower compared to earlier months.
Overall, the structure of the chart illustrates a market that has shifted from high-frequency participation toward reduced turnover. The consistent downward movement in the moving average suggests that lower volumes are not driven by a single event, but rather reflect a sustained slowdown in spot trading activity across exchanges.
According to the data, this contraction aligns with Bloomberg’s assessment that spot trading participation has weakened considerably since the start of the year. The chart reinforces that view, showing declining liquidity and fewer large volume surges as 2025 has unfolded.
The data highlights a clear change in market behavior, with exchange activity cooling even as crypto markets continue to operate across major venues.
