Trading activity on both centralized and decentralized crypto exchanges has dropped significantly, with Bitcoin and Ethereum spot volumes at record lows.

The seven-day average of trading volumes across major platforms like Binance, Coinbase, and Bitfinex fell to US$32 billion, down 75% from the US$132 billion peak observed in early December 2024.

Spot trading has weakened compared to futures, with Bitcoin and Ethereum showing their lowest spot-to-futures ratios in months, reflecting a shift to more speculative strategies.

Crypto ETFs are also seeing reduced interest, with Bitcoin and Ethereum ETF volumes hitting their lowest points since late March 2025.

🔗 Source: The Block

🧠 Food for thought

1️⃣ The ethereum-solana dex volume rivalry represents a shifting competitive landscape

Ethereum’s recent reclaiming of DEX trading dominance after months of trailing Solana highlights the volatile nature of platform competition in the crypto space.

In March 2025, Ethereum-based DEXs recorded approximately $63 billion in trading volume, outpacing Solana’s $51 billion for the first time in six months 1.

This represents a significant reversal from earlier patterns where Solana had dominated. In January 2025, Solana DEXs processed $258 billion in volume compared to Ethereum’s $86 billion 2.

The back-and-forth competition between these platforms explains the “slight uptick” in Solana’s exchange volume noted in the main article, showing how market share in decentralized trading remains highly contested rather than firmly established.

Solana’s periodic volume surges have been notable. In January 2025, its 24-hour DEX volume reached $3.8 billion, exceeding the combined totals of both Ethereum and Base 3.

These trading volume shifts reflect fundamental technology differences, with Solana’s appeal centered on higher transaction throughput and lower fees, while Ethereum maintains advantages in security and established infrastructure.

2️⃣ Tariffs create predictable volatility patterns in crypto markets

The trading volume spike in early April triggered by tariff announcements follows a documented pattern where trade policy changes consistently impact crypto market behavior.

Historical evidence shows tariffs create uncertainty in financial markets that typically leads to short-term volatility in cryptocurrency trading as investors reposition their portfolios 4.