2025 CEX Trading Volume Growth and User Dilemma: Spot Slightly Up, Contracts Surge, but Downloads Drop by 30%

TokenomicsTrapper · 2026-01-19T07:50:13+00:00

At the beginning of 2025, data from cryptocurrency exchanges showed a contrasting picture: CEX spot trading increased by 3.6% year-over-year, while contract trading surged by 27%; however, the app downloads of mainstream CEXs declined by 35.47%. This indicates that although trading volume has increased, the number of users has decreased, prompting reflections on the reasons behind this trend.

TokenomicsTrapper

2026-01-19 07:50:13

Abstract generation in progress

【BlockBeats】Since the beginning of 2025, data from crypto exchanges has shown an interesting contrasting picture. Under the dual influence of price fluctuations and policy expectations, demand for spot trading on CEXs has slightly rebounded—up 3.6% year-over-year; but the growth in contract trading is significantly more vigorous—up 27% year-over-year, with HTX and KuCoin’s contract trading volumes doubling compared to last year, both exceeding 60% growth.

A leading exchange continues to firmly hold the number one position in the industry. Data shows its spot trading volume is approximately $7.3 trillion, and its contract trading volume exceeds $27 trillion, which is equivalent to the combined total of the second to fourth-ranked exchanges. Contract trading has become the absolute main force of CEXs, far surpassing spot trading.

But here’s a question: the download volume of mainstream CEX apps has decreased by 35.47% year-over-year. Trading volume is increasing, but user numbers are decreasing—what is the real reason behind this? Are existing users trading more actively, or is it difficult to attract new users? This data contrast is worth pondering.

HTX-0,13%

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ConsensusDissenter

· 6h ago

Traffic is all concentrated at the top, while small exchanges are still struggling to survive. Existing users are trading contracts, and new users have already been scared away... The 35% figure is quite impressive. Downloads are declining but trading volume is increasing? What does this indicate... Old-timers are frantically jumping in and out. Can't hold it anymore, this is the current state of the industry.

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SilentObserver

· 6h ago

Haha, a 35% drop in downloads and still claiming user growth? That data is indeed outrageous. Those who remain are all leverage maniacs, playing contracts with reckless abandon. Spot trading is no longer popular; everyone is gambling. Big players are hoarding coins, retail investors are getting liquidated—that's the answer. Contract trading volume surges? Definitely a classic pump and dump. Honestly, it’s just that new users aren’t coming, and old users are repeatedly getting cut. This logic is a bit strange—how can a business that’s making more and more money have fewer customers?

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fren.eth

· 6h ago

Download volume plummeted by 35%, this is outrageous. Everyone is playing with leverage, no one wants to touch spot trading anymore? Contract trading doubled but users are fleeing, what does that mean... those who stay are probably gamblers haha The data from the top players is a bit scary, 7.3 trillion in spot trading and 27 trillion in contracts, oh my, it's all leverage trading The installation volume dropped so sharply, have they all switched to Web versions? To put it simply, the trading volume is artificially inflated, the actual activity is actually declining.

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LiquiditySurfer

· 6h ago

Whoa, a 35% drop in downloads? What does that mean? Are users all trapped inside and can't escape? Haha Spot prices up 3.6%, contracts doubled, these leverage maniacs are really hyped up Downloads plummeted directly; if it weren’t for existing players switching to contracts and going all-in, the exchange would have already failed Contracts worth 27 trillion? That number is outrageous, it feels all virtual betting Existing users are crazily increasing leverage, new users dare not enter, got it The top exchanges have such serious monopolies, other platforms really have no way out Feels like a dead pond, only players are harvesting each other New users seeing this drop have probably been discouraged long ago The decline in downloads is because everyone is starting to use Web3 self-custody, right? Really? This is what they call "prosperity," haha, not funny

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