Binance continued to dominate in 2025, as it captured over 40% of perpetual spot and Bitcoin volumes on major global exchanges.
Cryptocurrency trading activity diverged sharply in 2025, as growth in the spot market slowed while derivatives trading continued to grow at a steady pace.
The total spot trading volume reached $18.6 trillion. This represents an increase of 9% year-on-year, but is a significant deceleration from the 154% growth recorded in 2024.
Cryptocurrency exchange activity
According to CryptoQuant, perpetual futures activity, on the other hand, increased 29% year-over-year to $61.7 trillion, after adding $13.8 trillion in volume from the previous year. Spot trading remained very concentrated on the main platforms. Binance recorded volume of almost $7 trillion and accounted for 41% of the total of the top 10 exchanges.
The platform led activity on both Bitcoin and altcoins. CryptoQuant observed particularly strong volumes on Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Tron (TRX), and Solana (SOL).
Meanwhile, crypto exchanges such as Bybit, MEXC, and Crypto.com followed at a considerable distance, each posting around $1.3-$1.5 trillion in spot volume. In Bitcoin perpetual futures, Binance also maintained a clear lead by processing $25.4 trillion in volume, or 42% of the top 10 total.
OKX, Bybit and Bitget formed a second tier, each capturing between 11% and 19% market share. Hyperliquid became a notable player with $2.2 trillion in volume, while other exchanges, including Coinbase, collectively accounted for around 10%.
Stablecoin liquidity was also concentrated and Binance held $47.6 billion in USDT and USDC reserves, accounting for 72% of the top 10 balances. Overall reserves showed a sharp decline beyond the largest holders. Binance and Coinbase together accounted for more than half of the combined BTC, ETH, USDT, and USDC reserves.
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Regional divisions in user bases
Separate data compiled by independent journalist Colin Wu further revealed that traffic data also indicated clear regional differences in exchange usage. Binance’s user base was relatively geographically diverse. Its main traffic sources came from South Korea, Brazil and Vietnam.
On the other hand, Coinbase, Crypto.com, and Kraken got the majority of their traffic from the United States. The data also showed that several exchanges received a significant share of visits from Russia and Russian-speaking regions.
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