Spot trading volume across the top ten centralized exchanges (CEXs) hit $5.4 trillion in Q1 2025, a 16.3% decline from the previous quarter, as crypto market momentum cooled following a euphoric end to 2024. Top Crypto Exchanges See 16% Volume Dip in Q1 2025 Crypto trading cooled off sharply in the first quarter of 2025. According to CoinGecko’s Q1 crypto industry report, spot trading volume on the top ten centralized exchanges (CEXs) totaled $5.4 trillion, a 16.3% drop compared to Q4 2024. Binance held on to its lead with a 40.7% market share, although its monthly volume tumbled from over $1 trillion in December to $588.7 billion in March. Meanwhile, HTX stood out as the only exchange among the top ten to post growth, up 11.4% for the quarter. Upbit suffered the steepest decline, with volume plunging 34% to $371 billion. Bybit, reeling from a significant February hack, recorded the largest monthly drop, down 52.4% to $84.7 billion. This drop in trading activity coincided with broader market weakness. The total crypto market cap fell 18.6% to $2.8 trillion, while daily trading volumes shrank 27.3% quarter-on-quarter. Despite hitting an all-time high of $106,182 in January, bitcoin ended the quarter down 11.8%, though its dominance grew to 59.1%, its highest level since 2021. The report also highlighted declines in DeFi and NFTs, with DeFi TVL shrinking by 27.5% and meme coin activity sharply retreating post-Libra incident.