March 2025 Sees 15% Drop in Crypto Trading Volumes Amid Bitcoin Decline

In March 2025, cryptocurrency trading volumes fell by 15% to $1.13 trillion, coinciding with Bitcoin’s price drop below $80,000. Binance led with 51.8% market share but saw significant declines, while Huobi bucked the trend with a 27.5% increase in trading volume. Forecasts predict Bitcoin could plummet to $10,000, reflecting concerns over market sustainability.

In March 2025, cryptocurrency exchange trading volumes decreased by 15% compared to February, continuing a trend of declines for the third consecutive month. This downturn corresponds with Bitcoin’s performance, which fell below $80,000, dipping to a low of $75,000, the lowest point since November. Despite only a 2% reduction in price for the month, market sentiment became notably bearish.

Data from Finance Magnates Intelligence and The Block indicates that total trading volume across the top ten cryptocurrency exchanges dropped to $1.13 trillion in March from $1.33 trillion in February, reflecting a decline in market sentiment following the robust activity seen earlier. Binance retained its leading market share at 51.8%, yet its trading volume decreased by 10.4% to $583.5 billion, also showing a significant 48% year-on-year decline.

Coinbase, ranking second by trading volume, faced a more substantial fall of 18.7% month-over-month, with its volume down to $102.1 billion. Yearly comparisons show a 35% drop, signalling a considerable downturn for the U.S.-based exchange. OKX reported trading volumes of $96.8 billion, a decrease of 10.8% from February and 43% year-on-year.

Market conditions remain unfavourable, compounded by geopolitical tensions and economic instability, according to Dr. Kirill Kretov of CoinPanel. He remarked that current uncertainties from the U.S. administration are particularly damaging to the crypto sector, which reacts more intensely to market fluctuations than traditional assets.

In contrast, Huobi emerged as an outlier with a notable 27.5% increase in trading volume compared to February, reaching $92.6 billion and resulting in a 12% annual growth. This performance enabled Huobi to ascend to the fourth position in exchange rankings. On the other hand, ByBit saw the most significant decline, with trading volumes plummeting 52.4% to $84.3 billion, alongside a 55% decrease from the previous year.

March 2024 previously marked one of the highest trading months in crypto history, spurred by Bitcoin’s climb to nearly $74,000. Despite Bitcoin being priced higher now, overall sentiment within the market has diminished significantly. Bitcoin’s current struggles include testing key support levels near $74,500, reflecting continued pressure following a peak price of $109,000 earlier this year.

Mike McGlone, Bloomberg’s Senior Commodity Strategist, forecasts a potential drop in Bitcoin’s price to as low as $10,000. He cites speculative excess, macroeconomic tightening, and erosion of Bitcoin’s status as ‘digital gold’ as factors contributing to possible substantial market corrections, drawing parallels with the dot-com crash of the early 2000s.

In his recent commentary, McGlone noted, “Everyone’s in for the long-term as long as it’s going up.” He emphasised the unpredictable yet significant trajectory of Bitcoin, stating that its return to $10,000 might suggest a necessary readjustment to more sustainable valuation levels after a prolonged period of speculation.

While some analysts maintain optimism about Bitcoin’s future, McGlone’s warning signifies a contrasting perspective, urging a consideration of inherent market risks and the imperative for prudent portfolio management amidst prevailing uncertainties.