Crypto Derivatives Are Resilient in 2025: Why Spot Trading Is Losing Ground

Derivatives trading continues to outshine spot activity across crypto markets, even as overall exchange volumes slow in early 2025. March data shows a stark divergence: while spot volumes on centralized exchanges fell by 16.6%, derivatives held more firmly, contracting by just 5%, according to a recent report by Mitrade. The drop in trading activity comes amid a broader market cooldown triggered by falling Bitcoin prices, rising geopolitical uncertainty, and regulatory friction in the U.S. and Asia.

Analysts point to a growing shift in trader behavior. While long-term investors continue to favor spot markets for asset accumulation, a rising number of active traders are turning to futures and perpetual contracts for short-term strategies and leveraged exposure—especially in offshore markets where restrictions remain lighter.