PANews reported on March 13 that according to CoinDesk, cryptocurrency trading volume fell sharply in February due to concerns that US President Donald Trump's tariffs on Mexico, Canada and other countries would curb international trade and investors' demand for increased risk investments decreased. The total volume of spot and derivatives trading on centralized exchanges fell 21% to $7.2 trillion, the lowest level since October last year. Among centralized exchanges, Binance maintained its position as the largest spot trading platform with a market share of 27%. It was followed by Crypto.com (8.1%) and Bybit (7.4%), with Coinbase (COIN) and MEXC Global rounding out the top five.

Derivatives trading also saw a notable decline, with CME, the largest institutional cryptocurrency trading venue, recording its first volume decline in five months. CME's volume fell 20% to $229 billion, with Bitcoin futures activity falling 20% to $175 billion and Ethereum futures falling 13% to $35.9 billion. The decline in trading volume coincided with a drop in BTC CME's annualized basis, which fell to 4.08%, the lowest level since March 2023. Despite this, CME's market share among derivatives exchanges grew to a record 4.67%. The growth shows that while retail trading activity has been weakening, with Robinhood (HOOD) recently reporting a 29% drop in its cryptocurrency trading volumes in February, institutional interest in the industry remains.

Additionally, total open interest across all trading pairs on centralized exchanges fell 30% to $78.8 billion, the lowest level since November 5, reflecting heavy liquidations suffered during the recent decline.