Binance Strengthens Its Market Position as Crypto Trading Consolidates: Insights
In 2025, Binance has maintained a commanding presence in the cryptocurrency market, capturing a significant portion of trading volumes on major exchanges.
In 2025, Binance continued to solidify its dominance in the cryptocurrency market, seizing over 40% of the trading volume for spot and Bitcoin perpetual contracts across key exchanges worldwide.
The spot trading volume reached $18.6 trillion, marking a 9% year-on-year increase, albeit a notable slowdown from the 154% growth witnessed in 2024.
Crypto Exchange Activity
Data from CryptoQuant indicated that perpetual futures trading saw a 29% growth year-on-year, achieving $61.7 trillion after adding $13.8 trillion in volume compared to last year. Spot trading, on the other hand, remained concentrated in major venues. Binance accounted for nearly $7 trillion in volume, representing 41% of the aggregate total across the top 10 exchanges.
The platform spearheaded activity in both Bitcoin and altcoins, with particularly high volumes reported in Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Tron (TRX), and Solana (SOL).
Other exchanges like Bybit, MEXC, and Crypto.com lagged behind, each reporting volumes between $1.3 trillion and $1.5 trillion for spots. In Bitcoin perpetual futures, Binance also led with $25.4 trillion, thus holding 42% of the top-10 total.
Meanwhile, exchanges such as OKX, Bybit, and Bitget captured a second-tier market share, with figures ranging from 11% to 19%. Emerging player Hyperliquid reported volumes of $2.2 trillion, while the remaining exchanges, including Coinbase, collectively accounted for roughly 10%.
As for stablecoin liquidity, Binance maintained a stronghold with $47.6 billion in USDT and USDC reserves, making up 72% of the total balances held by the top 10 exchanges. Altogether, Binance and Coinbase represented over 50% of the aggregate reserves of BTC, ETH, USDT, and USDC.
Regional Divides in User Bases
Further analytics compiled by independent journalist Colin Wu revealed marked regional differences in exchange usage. Binance’s user base is notably diverse, with major traffic originating from South Korea, Brazil, and Vietnam, whereas Coinbase, Crypto.com, and Kraken mainly attract users from the United States. Several exchanges have also drawn significant visits from Russia and other Russian-speaking countries.
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