Coinglass Q1 Crypto Market Share: Total Volume Tops $20.57T, Derivatives Lead as Spot Slips
Coinglass released its Q1 crypto market share report. The key takeaway: even as total trading volume eased from January highs, activity stayed elevated throughout the quarter.
Total crypto trading volume (spot + derivatives) reached about $20.57T in Q1. Spot accounted for roughly $1.94T, while derivatives dominated with about $18.63T. The report highlights a sharper contraction in spot trading versus derivatives.
By month, January was the peak month (spot $704.7B + derivatives $6.73T). Volume then declined in February and fell again to the quarterly low in March. Coinglass links the pattern to cautious market sentiment amid a still-recovering risk appetite after the large deleveraging seen in 4Q 2025.
Exchange leaders: Binance remained #1 across derivatives market share, with derivatives trading around $4.9T (~34.9% of the top-10 share). Binance also reported daily average open interest of about $23.9B (~29.9% of the top-10 share), and user assets reserves around $152.9B (~73.5% of major centralized exchanges).
Hyperliquid ranked within the top group, with Q1 derivatives trading of about $492.7B and average open interest of about $6B.
Overall, the Coinglass Q1 crypto market share data points to continued derivatives-driven liquidity, while spot weakness suggests traders remain defensive.
Neutral
This Coinglass Q1 crypto market share report suggests liquidity remains strong in derivatives, but spot weakness and month-by-month volume decline point to a market that is cautious rather than overheating. That combination typically supports a neutral (not breakout-driven) trading environment.
In the short term, traders may keep focusing on perpetuals/options and funding/positioning indicators because derivatives account for the vast majority of activity. Meanwhile, falling spot volume often correlates with slower spot-driven trend follow-through, making rallies more dependent on leverage.
In the longer term, the fact that total volume is still above $20T indicates the market has not fully retrenched after the 4Q 2025 deleveraging. If macro conditions stabilize and spot activity starts to recover, it could shift the market toward a more constructive risk regime. If not, continued derivatives-led activity may keep volatility elevated but with a tendency for spot to lag—similar to post-deleveraging phases where leverage returns first.
Therefore, despite “high activity,” the Coinglass Q1 crypto market share signals no clear bullish or bearish edge—hence neutral.