Cryptocurrency markets experienced a significant divergence in Q2 2025 as Bitcoin spot trading volumes fell sharply amid contraction in altcoin liquidity, while derivatives markets demonstrated stability and Bitcoin ETFs recorded robust growth.
Spot trading volumes on centralized exchanges plummeted 22% from the prior quarter to $3.6 trillion. Altcoin liquidity and trading activity similarly weakened across most platforms, though MEXC and Bitget bucked the trend with increased spot volumes.
In contrast, derivatives trading maintained momentum with volumes dipping just 3.6% quarter-over-quarter to $20.2 trillion. Bitcoin ETFs recorded substantial inflows, including a reported 370% quarterly surge by BlackRock products. Global Bitcoin ETF inflows reached $17.8 billion during the first half of 2025.
Bitcoin’s price recovered significantly during this period, rising 25% to reverse Q1’s 12% decline. Market analysts attribute the rebound largely to ETF inflows and corporate adoption initiatives, while exchange tokens and altcoins showed continued vulnerability to liquidity pressures.
The outlook for Q3 suggests persistent robustness in ETFs and derivatives activity alongside subdued spot trading volumes as these market dynamics continue developing.