5 Facts Crypto Exchange Volume Plunges 48%, Binance Still Controls Rp17,089 Trillion

Jakarta, Pintu News – Trading activity on centralized crypto exchanges has reportedly dropped sharply by 48% from its peak in October 2025. The decline saw the total trading volume on CEX platforms hit a 17-month low, signaling the momentum of the cryptocurrency market is slowing down. However, the latest data also shows that Binance is still the biggest player, while the derivatives market remains the main pillar of liquidity amid sluggish spot transactions.

1. Crypto Exchange Volume Drops to 17-Month Low

According to a Cryptopolitan report citing CryptoQuant data, trading volume on centralized crypto exchanges dropped to US$4.3 trillion. This is a far cry from the levels of over US$8 trillion, or around Rp136,712 trillion, recorded at the market peak in October 2025. This nearly 50% drop signals that short-term trading interest in the crypto market is weakening.

For novice investors, a drop in volume usually means that market activity is quieter than during a bullish phase. Under these conditions, cryptocurrency price movements can still occur, but the transaction impetus is not as strong as when volume is high. Because of this, volume is often used as an additional indicator to read the strength of market trends.

Also Read: Gold, Oil, and Silver Perpetual Volume Explodes 65,463%: What’s Up?

2. Derivatives become the main engine of market liquidity

Despite the drop in total activity, derivatives trading still dominates the market. The report said the volume of perpetual futures reached US$3.5 trillion, about four times larger than the total spot volume on centralized exchanges. This shows that professional and institutional traders are still active, especially in more complex instruments such as futures, perpetual swaps and options.

In summary, the current market composition looks as follows:

• Total CEX volume: US$4.3 trillion or around IDR73,482.7 trillion
• Volume of perpetual futures: US$3.5 trillion or around Rp59,811.5 trillion
• Derivatives share: more than 70% of total CEX activity

For those of you who are new to crypto, this data is important because it shows that the market is currently driven more by leveraged players and advanced trading strategies. This means that price movements in the cryptocurrency market can be more sensitive to liquidation, volatility, and short-term sentiment. This also explains why the market can feel volatile even when spot volumes are down.

3. Spot Trading Continues to Weaken Throughout 2026

Spot volumes on crypto exchanges have also seen a gradual downward trend since the beginning of the year. From US$1.1 trillion in January, spot volume dropped to US$1.01 trillion in February. In March, the value dropped again to US$818.45 billion or around IDR13,985.9 trillion, reinforcing the indication that direct transaction interest in cryptocurrency assets is cooling down.

The decline in spot trading is usually a cause for concern as the spot market is often considered to represent more natural demand than derivatives. As spot volumes continue to fall, the market tends to rely more on active traders and speculative moves. For investors, this should be read as a sign that the market recovery may not be entirely even.

4. Binance remains dominant despite market slowdown

Amid the market cooling, Binance is still the largest exchange by trading volume. The report said Binance recorded a monthly spot volume of US$248 billion or around Rp4,238.1 trillion, with a market share of around 32% in March. Through 2026, Binance’s spot volume is also reportedly close to US$1 trillion, confirming its position as the global crypto market leader.

Some other exchanges also started to catch up, but the gap was still quite large:

• MEXC: US$77 billion or around Rp1,315.9 trillion
• Bybit: US$59 billion or around Rp1,008.3 trillion
• Gate: US$56 billion or around Rp956.9 trillion
• Crypto.com: US$52 billion or around Rp888.6 trillion

Binance’s dominance is also evident in the perpetual futures market, with March volumes reaching US$1.4 trillion. This shows that despite the market slowdown, major liquidity in the crypto ecosystem is still highly concentrated on a few large exchanges. For beginners, this is important to understand as platforms with high liquidity generally offer more stable price execution.

5. What Does This Volume Drop Mean for Investors?

CEX’s 48% drop in volume doesn’t automatically mean the crypto market is in crisis, but it clearly indicates a cooldown phase after a period of high activity. Interestingly, the report also noted that execution quality for major pairs such as Bitcoin and Ethereum remained relatively stable despite low volumes. This is partly supported by market maker innovation and more targeted liquidity incentive programs.

For those of you investing in cryptocurrencies, the main lesson is that a quiet market doesn’t necessarily mean a broken market. However, as volumes decline and derivatives dominate, volatility can become harder to read, especially on altcoins where liquidity is thin. As such, a more cautious approach, focusing on the underlying assets, and understanding market liquidity conditions is becoming increasingly important in reading crypto’s future direction.

Also Read: 5 Phases of BTC Cycle Towards $215,000: Target Bitcoin IDR3.65 Billion?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Collins J. Okoth/Cryptopolitan. Crypto exchange (CEX) volumes plunge 48% to 17-month low. Accessed April 10, 2026.