CQ Research2025-11-26

Exchanges See Lower Trading Volumes, but Higher Inflows During the Current Crypto Correction

Spot and Futures trading volumes have declined across the board so far in the current crypto market correction. Daily spot trading volume peaked at almost $100 billion on November 4, and declined to $65 billion in recent days. Meanwhile, trading volume in the perpetual futures market peaked at ~$360 billion on October 10, reached $298 billion on November 4, and has then declined towards $170 billion most recently. Binance has remained the leader in trading volumes. The exchange's spot and perpetual futures trading volume was $25 and $62 billion in the last day respectively, while the next exchange amounted to $4.6 billion in spot trading volume (crypto.com), and $36 billion in futures trading volume (OKX) respectively. Exchanges have seen a sharp increase in stablecoin reserves. Total USDT and USDC reserves on Binance reached a record high of $51.1 billion on November 15, a sign that traders are moving assets into stablecoins to hedge against volatility. OKX exchange follows in terms of stablecoin reserves, almost reaching $10 billion this month. The total daily value of Bitcoin and ETH going into exchanges has increased to $40 billion in the last week as crypto prices declined, indicating indicating heightened selling pressure. BTC and ETH inflows to Binance totaled $15 billion, more than a third of the total BTC and ETH inflows, followed by Coinbase with $11 billion. Other exchanges received $14 billion in total. Altcoin deposits into exchanges have remained at relatively high levels during this market correction. Daily deposits of Altcoins peaked at 77K on October 16, with Coinbase and Binance accounting for 26K and 23K deposits respectively.