Crypto Trading Volumes Cool in January After December Frenzy

Global crypto trading activity saw a pullback in January following record highs in late 2024. Spot trading volume on major exchanges fell to $1.73 trillion in Jan 2025 – down 19.5% from December's all-time peak of $2.14T. The dip came as Bitcoin, after hitting a new high above $108K in December, underwent a healthy correction toward ~$95K in January.

Asian exchanges saw the steepest drops (e.g. Upbit's volume fell 34% month-on-month) while U.S. platforms like Coinbase had smaller declines ~17%, in line with the market. Despite the month-over-month drop, volumes remained high and were +88% year-over-year versus January 2024. Analysts view the lull as a consolidation phase after an overheated Q4, rather than a trend reversal.

Source: TradingView/Finance Magnates – Crypto exchange volumes down 19.5% in January