Solana posts $1.6 trillion in spot trading volume, overtaking major crypto exchanges in 2025

The Solana blockchain recorded a spot trading volume of $1.6 trillion in 2025. The figure represents a global market share of 11.92%, surpassing major crypto exchanges such as Bybit, Coinbase, and Bitget. 

Solana, a high-performance smart contract platform, recorded a spot trading volume of $1.6 trillion on decentralized exchanges in 2025. The figure represents 11.92% of the global spot market volume according to onchain data. The network’s trading volume surpassed that of all major exchanges, including Coinbase, Bitget, and Bybit. 

Solana’s spot trading volume seconds Binance, surpasses all CEXs, L1s, and L2s

The network’s spot trading volume only fell behind that of Binance, which handled $7.27 trillion, accounting for 55.11% of the global spot market. Binance’s market share significantly declined from 80% recorded in 2022. Solana’s volume also surpassed that witnessed on all L1s and L2s, including Ethereum, Binance Smart Chain, and others.

Data from open-source DeFi data aggregator DefiLlama shows that Solana’s volume peaked in January 2025, recording $313.26 billion. March was the slowest month for DEX activity, but Solana still led L1s and L2s with $79.73 billion. The data also shows that Solana recorded more than $100 billion in trading volume in 9 out of the 12 months of the year. 

Ethereum recorded a total trading volume of $950 billion throughout the year. The blockchain’s trading volume peaked in August and September, reaching over $100 billion in each month.

According to Artemis researcher ZJ, Solana ranked fifth among major centralized exchanges just one year ago. The researcher attributed Solana’s increased onchain activity to Proprietary Automated Market Makers (propAMMs) and Central Limit Order Books (CLOBs), which have played a pivotal role in shifting traders, investors, and market participants from centralized exchanges to decentralized platforms in Solana’s high-speed environment.

Data and mixed indicators fuel Solana’s performance uncertainty

Solana’s performance signals a transformative shift in the decentralized ecosystem that could propel the asset’s price. However, different onchain metrics and valuation indicators show a contrasting sentiment. 

According to data from blockchain data and intelligence platform Glassnode, Solana’s Network Value to Transactions ratio has surged to a seven-month high, hinting at a possible bearish outcome. 

Historically, elevated NVT figures have signaled imminent bearish trends, exerting pressure on Solana’s price and recovery attempts. The data shows that a divergence exists as Solana’s market value is growing faster than actual transaction demand. The divergence also shows that Solana’s hype may be outpacing the network’s real economic activity.  

On the other hand, long-term holder behaviour shows a contrasting sentiment. Solana’s Hodler net positions have shifted from nearly four months of distribution to renewed accumulation over the past week. The holders could mitigate the pressure from skiing and reduce bearish risks amid Solana’s short-term uncertainty. 

Data from SosoValue, an ETF tracking website, shows that U.S. spot Solana ETFs registered inflows worth $2.29 million on December 31, marking a three-day streak of positive flows. The data also shows that the ETFs received significant inflows in December and now hold $1.02 billion in net assets under management. 

A previous cryptopolitan report also highlighted that Solana crypto fund products posted the strongest in percentage growth, with $3.6 billion in inflows for 2025. The figures represent a 1000% increase from 2024’s $310 million. The data support Glassnode’s hodler metrics, indicating that long-term Solana holders are accumulating the cryptocurrency.

Solana is trading at $134.34 at the time of this publication. According to data from the Cryptocurrency price tracking website CoinMarketCap, the crypto asset has remained unchanged over the last 24 hours, despite an 8.58% surge in the last seven days.

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