In March 2025, trading volumes across centralized and decentralized cryptocurrency exchanges experienced notable declines amid macroeconomic uncertainty and tariff tensions. Centralized exchange volume, which includes both spot and derivatives trading, fell by 6.24% to $6.79 trillion, marking the third consecutive monthly drop and the lowest level since October 2024. Meanwhile, decentralized exchange (DEX) volume plummeted 35% to $242 billion, also reaching its lowest levels since October. The decline in trading volumes has been attributed to the impacts of tariffs under the Trump administration. However, a report indicated that over-the-counter (OTC) crypto and stablecoin volumes doubled year-over-year during Trump's first 100 days, with institutional trading volumes increasing by 141% in Q1 2025. January saw a 163.5% year-over-year increase, followed by February at 137%. Analysts suggest that catalysts for recovery may emerge in the second quarter of 2025.