Crypto Trading Tanks to $9T, But CME’s Historic $285B Surge Stuns Market

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February 8, 2025 by Sadia Ali

CME trading volume hit a record $285 billion in January, marking four consecutive months of growth.
Overall, crypto trading volume on centralized exchanges dropped 20.2% to $9.03 trillion, ending a four-month surge.
Binance, Bybit, and CME gained market share despite declining trading volumes.

The Chicago Mercantile Exchange (CME) saw its cryptocurrency derivatives trading volume reach an all-time high of $285 billion in January. This marks an 8% increase from December and the fourth straight month of rising volumes, accoridng to the report by CCData.

The surge was largely fueled by Bitcoin futures and options, which saw volumes climb 12.2% and 125%, respectively, hitting record levels of $220 billion and $5.73 billion. While Bitcoin trading thrived, Ethereum futures on CME declined by 12.9% to $41.3 billion, ending a four-month growth streak.

Options trading on the exchange soared 112% to $6.18 billion, with Bitcoin options dominating 92.7% of the total. CME’s derivatives market share also rose, reaching a new high of 4.65%, reinforcing its position as a major institutional trading hub.

Crypto Trading Volume Declines Across Exchanges

The broader cryptocurrency market experienced a notable decline in trading activity for the first time in four months. Combined spot and derivatives trading volume on centralized exchanges fell by 20.2% to $9.03 trillion in January. Spot trading volume alone dropped 22.9% to $2.88 trillion, while derivatives trading saw an 18.8% decline to $6.15 trillion.

Despite the drop, derivatives trading gained more market share, climbing to 68.1% from 67% in December. Open interest in crypto derivatives rose 8.35% to $112 billion, signaling increased hedging activity amid market uncertainty. The market slowdown follows months of heightened volatility, coinciding with political shifts in the United States.

Binance and Bybit Expand Market Share

Binance’s trading volumes took a hit, with spot and derivatives volumes falling 20.3% and 19.2% to $754 billion and $2.44 trillion, respectively. However, its spot market share grew to 26.2%, maintaining its dominance in the sector. Binance also remained the leading exchange in the combined spot and derivatives market with a 35.4% share.

Bybit also experienced a drop in trading volume, but its market share continued to climb. The exchange’s spot market share increased to 7.65%, while its derivatives market share hit a record 15.9%. Bybit now holds a 13.3% market share in the combined market, marking its second-highest level ever.

CME recorded the biggest market share gain among derivatives platforms, rising by 0.82% to 3.17%. This increase was driven by its record-breaking trading volume in Bitcoin futures and options. Bybit and Binance also expanded their combined market share, strengthening their foothold in the industry despite the broader decline in trading activity.

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