September сrypto spot trading drops to $1.67T
Total spot trading volume across crypto exchanges fell to approximately $1.67 trillion in September, marking the lowest monthly level since June. August’s figures stood at a $1.85 trillion market share mark.
Binance led global spot trading with $636.5 billion in September, despite a monthly decline in trading volume from $737.1 billion a month earlier. Bybit, Gate.io and Bitget followed with $132.1 billion, $124 billion $117.9 billion respectively.
Other major exchanges, including Coinbase, Kraken, and OKX, also recorded lower volumes in September. The decline occurred across multiple platforms rather than being isolated to individual exchanges.
Lower spot volumes affect exchange revenues, which derive primarily from trading fees. Exchanges generate income based on transaction volumes across their platforms. September marked the third consecutive month of declining spot trading activity since peak volumes earlier in 2025.
Spot trading differs from derivatives trading, which includes futures and options contracts. The $1.67 trillion figure covers only spot market transactions where traders buy and sell cryptocurrencies directly.
Bitcoin and Ethereum accounted for the majority of spot trading volume during September. Smaller cryptocurrencies contributed a smaller portion of total exchange activity.
The monthly volume data comes from The Block's exchange tracking, which monitors reported volumes from major platforms. Some exchanges self-report trading data while others are tracked through public APIs.
Exchange operators have not publicly commented on the volume decrease or announced specific responses. Platform fee structures and trading incentives remained largely unchanged during September.
The spot trading volume data excludes decentralized exchange activity, which is tracked separately. DEX volumes are not included in the $1.67 trillion figure.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
Recommended