CoinDesk Data

In this week's COTW (Chart of the Week), we look at centralized exchange volumes (spot + futures). Weekly volume was reported at a massive $2.7T - the highest since January 2025. This unprecedented activity is directly in line with the scale of the volatility, most notably the estimated $19B in liquidations that occurred on 10th October, demonstrating the highly impactful nature of the recent market crash.

Crypto Trading Volumes Decline in September, Open Interest Reaches New All-Time High 📊 September 2025 saw a return to seasonal patterns, with centralized exchange volumes declining for the first time in three months. This slowdown aligns with typical seasonal patterns for this time of year. September has now posted month-over-month volume declines for four consecutive years. Key Highlights: 🔸 Total trading volume fell 17.5% to $8.12 trillion 🔸 Spot trading decreased 9.43% to $2.14T after three months of growth 🔸 Derivatives dropped 20.1% to $5.98T, reducing market share to 73.7% 🔸 Open interest surged to new all-time high of $230B, ending the month at $204B (+3.20%) Explore the full findings in our latest Exchange Review, supported by Gate, below 👇 https://lnkd.in/ewep4S7G

📊 Stablecoins Market Update — September 2025 The stablecoin market continued its upward trajectory in September: 🔸 Tether ($USDT) expanded for the 25th consecutive month, growing 2.46%. However, its market share dropped to 58.8%. 🔸Circle’s $USDC rose by 3.27% to $67.1B 🔸 Ethena’s $USDe surged by 14.0% to $14.1B Both reached new all-time highs. For a deeper dive into the latest stablecoin trends, download our latest Stablecoins & CBDCs report 👇

In this week's Chart of the Week, we're looking at PancakeSwap, where volume has hit a new yearly high of around $22 billion weekly. This surge in activity is happening in parallel with a strong rally in CAKE/USD, which is up 66% month-to-date. This renewed interest in the Binance Smart Chain DEX seems to be fueled by a general increase in activity on the chain, following a period where the perp DEX Aster was a major focus in September. The timing is notable, as Binance is also seeing its own weekly volume (spot + perps) climb to $660 million, just above its yearly average of $650 million. Discover our previous charts of the week here: https://lnkd.in/eD8DXMt7

In this week's Chart of the Week (COTW), we analyze the ratio of perpetuals volume on centralized (CEX) versus decentralized exchanges (DEX). The data shows a broad downtrend in this ratio since late 2023, indicating that while CEXs have historically conducted significantly more volume, the gap is steadily closing. Historically, CEXs have done 5 to 10 times the volume of DEXs, with the ratio averaging around 10 for most of 2025. However, in the last two weeks, following the launch of Aster on the Binance Smart Chain, a "perp dex mania" has driven the ratio to all-time lows, currently sitting at around 1.9x for the present week, signaling a clear continuation of the downtrend and a significant shift in market activity towards DEXs. Disover our previous charts of the week here: https://lnkd.in/eD8DXMt7

This week's crypto market is being led by HYPE (+32% MTD) and Solana (+23%), with Bitcoin (+8%) taking a back seat. The AI sector is also a major outperformer, up nearly 30% month-to-date, fueled by projects like Nosana (+109% MTD). Much of this momentum is driven by a recent capital infusion into the Solana ecosystem. Forward Industries, a new Solana treasury company, closed a $1.65 billion private placement led by major players like Multicoin Capital. Some of the raised capital is intended to be deployed into Solana's DeFi ecosystem, and the results are already apparent. Select Solana DeFi protocols, including known Multicoin investments, are posting massive gains: KMNO (+62%), and DRIFT (+52%). This rally is also benefiting from broader macroeconomic tailwinds. The recent 25 basis point Fed rate cut signals a shift toward monetary easing, providing a favorable environment for risk-on assets. As long as this external capital and supportive macro climate continue, we can expect this divergence between major coins and high-growth "revenue alts" to persist.

This week's review finds BTC up +6.7% month-to-date, but its performance is being overshadowed by select altcoins. Solana (SOL, +13.8%) and HYPE (+28%) are leading the pack, while the broader AI (+12%) and Meme (+12%) sectors also show stronger momentum. At the token level, outliers are posting exceptional gains driven by specific catalysts. MNT (+28%) continues rallying from tighter Bybit integration offering holder discounts. ENA (+21%) is benefiting from ongoing treasury buybacks. Meanwhile, PUMP (+77.2%) remains the standout, solidifying its dominance in Solana meme coin infrastructure. The outperformance of these projects points to a growing investor preference for assets that demonstrate tangible revenue. This is further fuelled by external capital flows, as seen with Forward Industries' recent $1.65 billion private placement to advance its Solana treasury. The widening divergence between Bitcoin and these "revenue alts" represents a key market narrative, with momentum likely sustained as long as institutional flows continue.

In this week's Chart of the Week, we look at the performance of our top ten altcoin basket alongside the CoinDesk 5 (CD5) and CoinDesk 20 (CD20) indices, relative to Bitcoin since the May 2025 bottom. Since that low, each has seen a strong rebound, outperforming Bitcoin, with our custom alts basket leading the way with a relative outperformance of over 80%. This broad strength across the altcoin market coincides with a drop in Bitcoin dominance to the historically crucial 58% level, which often signals a rotation of capital from Bitcoin into altcoins and the potential start of a broader "alt season."

 August saw centralized exchange trading volumes hit a new yearly high — climbing 7.58% to reach $9.72T. Spot volumes increased by 6.55% to $2.36T, marking the most active month since January, while derivatives trading rose 7.92% to $7.36T — also a new yearly high for the segment. Binance led spot trading with $733B (+4.5% MoM), followed by Bybit ($125B) and Crypto.com, which recorded strong growth at $115B (+27.4%). Binance also dominated derivatives trading at $2.63T, followed by OKX and Bybit. Among the standout performers, Gate.io surged 98.9% in derivatives volume to $746B, overtaking Bitget to become the 4th largest centralised exchange by derivatives volume. Spot market share gains were led by Gate.io and Crypto.com. 📥 Explore the full Exchange Review for insights on volumes, rankings, and market share movements across top-tier exchanges 👇

📅 Month-to-Date Basket Returns 👇 This week's review highlights Bitcoin's modest +2.29% gain since the end of August, holding steady after recent downward pressure. BTC dominance has slipped to ~58%, near January lows, but without signs of a broad-based "alt season" as most sectors remain under pressure following strong summer runs. Losses were broad across sectors: AI (-4.45%), Infrastructure (-5.51%), and RWA (-4.94%) led declines, while DeFi (-2.34%), Meme (-3.42%), Layer 2s (-3.02%) and Staking (-2.55%) also weakened. Outliers include Sky (SKY), which saw its TVL climb above $9B; MPLX (+59%) following its Genesis launch and buyback model; and PUMP, which extended its Solana launchpad dominance (+27%) with >80% market share and $2.2M in creator revenue claims. Bitcoin continues tracking U.S. M2 growth with a six-week lead, which would suggest a potential local bottom approaching if the model holds. For now, the market remains rangebound with isolated narratives providing the few bright spots in otherwise subdued conditions.