Crypto Exchange Volumes Hit Record Low as Futures Rise and Tariffs Impact Markets

Trading volumes on crypto exchanges, including Bitcoin and Ethereum, have declined significantly, with spot volumes at their lowest in over a year. Ethereum has regained DEX dominance from Solana, highlighting volatile competition in the space. The impact of recent tariffs has contributed to short-term trading volatility, reflecting historical patterns in crypto market behaviour.

Trading activity on centralised and decentralised crypto exchanges has reached historic lows, with Bitcoin and Ethereum spot volumes significantly declining. The average trading volume over seven days on key platforms like Binance, Coinbase, and Bitfinex has dropped 75%, from $132 billion in December 2024 to just $32 billion now. Additionally, the spot-to-futures ratio for Bitcoin and Ethereum is at its lowest in months, indicating a substantial shift towards speculative trading practices.

Interest in crypto ETFs has waned alongside this trend, as Bitcoin and Ethereum ETF volumes have fallen to their lowest levels since late March 2025, reflecting a broader reduction in market engagement. Recent analysis suggests that the cryptocurrency market is currently under stress, led by decreased investor confidence and a pivot to futures trading.

Ethereum has recently reclaimed its dominance in decentralised exchange (DEX) trading from Solana, indicating fluctuating competition within the crypto landscape. In March 2025, Ethereum DEXs surpassed Solana with $63 billion in trading volume compared to Solana’s $51 billion, marking a significant change compared to the beginning of the year where Solana led with $258 billion against Ethereum’s $86 billion. This active rivalry signifies the fluid nature of market share in decentralised trading platforms.

Solana has demonstrated notable spikes in trading volumes, including a peak in January 2025 that reached $3.8 billion within 24 hours—more than both Ethereum and Base combined. These volume shifts underscore fundamental technical distinctions, with Solana attracting users through rapid transaction processing and lower fees, while Ethereum benefits from its established security protocols and infrastructure.

Tariff-related announcements have historically led to predictable volatility patterns in crypto markets. Early April trading volume spikes resulting from such announcements show a consistent trend where changes in trade policy impact market behaviour. Evidence indicates that tariffs induce uncertainty, prompting short-term market volatility as investors recalibrate their positions. For example, recent tariff news contributed to Bitcoin’s price dropping over 15% within five days.

The underlying mechanics of these impacts are multifaceted: tariffs can elevate mining costs, curtail investment capital, and shift sentiment towards alternative assets. Although short-term disruptions are common, tariffs can spark renewed interest in cryptocurrencies as potential hedges against inflation and currency devaluations. These dynamics help explain the current six-month low in trading volumes that follows an initial spike, as markets eventually adjust to the policy changes.