In January 2025, global cryptocurrency exchange spot volumes dropped 19.5% to $1.73 trillion from the previous month's record of $2.14 trillion. Asian exchanges, including Upbit and OKX, saw significant declines in volumes, while US-based platforms such as Coinbase showed better resilience with a 17% decrease. Despite the decline, the top three exchanges, including Binance, ByBit, and Upbit, maintained their market share. Year-over-year comparisons, however, showed a positive trend with total trading volume across major exchanges increasing by 87.9% compared to January 2024. The cryptocurrency market remains uncertain due to external factors such as the recent tariff imposed by Donald Trump on steel and aluminum, impacting token prices.



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