Trading activity on centralized and decentralized crypto exchanges has plummeted, with Bitcoin and Ethereum spot volumes at record lows, averaging $32 billion, down 75% from December 2024. This decline reflects a shift towards futures trading, as spot-to-futures ratios hit new lows.In the decentralized exchange arena, Ethereum has regained dominance over Solana, with March 2025 volumes of $63 billion compared to Solana's $51 billion. This competitive landscape highlights the volatility in trading platforms, influenced by factors such as transaction throughput and fees.