#MarketPullback 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.