Joshua de Vos of CoinDesk Data shares the April 2025 edition of the Exchange Benchmark report which sheds light on which exchanges operate at institutional standards and those still falling short.
Trump's election has increased investor confidence among institutions, helping to elevate digital assets as a mainstream asset class. The question remains if this is a long-term shift or just a temporary response, says CCData’s Joshua de Vos.
Crypto trading volume on centralized exchanges hit a new record in December, the same month Bitcoin breached $100,000 and clocked a new all-time high.
Crypto exchanges clocked more than $10 trillion in volume across spot and derivatives markets, CCData said.
Stablecoin market capitalization rose to $190 billion this month, surpassing the pre-crypto winter peak of April 2022, CCData reported.The crypto rally this year and particularly since the U.S. presidential election fueled demand for stablecoins, which are widely used for trading. The emergence of novel tokenized investment products with fixed prices such as BlackRock's BUIDL and Ethena's USDe also helped growth for the sector.Tether's USDT supply rose 10% over the last month to a new peak of $132 billion, while Circle's USDC grew 12% to almost $39 billion, the report said.
While Binance remains a giant in crypto trading, its volumes dropped over 20% in September versus the previous month, while rival Crypto.com's surged over 40%.
Order book liquidity refers to the market's ability to absorb large buy and sell orders without influencing the spot price.