After a quiet first half of the year, Q3 has flipped the script. Institutional inflows, improved public sentiment, and emerging regulatory clarity have accelerated what now looks like the start of a full-blown bull cycle.

Exchange-by-Exchange Breakdown

1. Binance – Best for Liquidity & Market Depth in 2025 Binance continues to lead the market with $2.2 trillion in Q1 spot volume and a 35.39% Q2 market share. The exchange supports over 1,800 trading pairs and remains a cornerstone for high-liquidity trading.
2. Bitget – Best Crypto Exchange for Copy Trading & Spot Volume Growth Bitget recorded $2.08 trillion in Q1 trading volume, with a 159% QoQ spot growth and over 120 million users. In Q2, Bitget added over 2 million users and ranked third in global spot volume. The platform’s copy trading and futures offerings continue to attract users. Bitget also completed its first quarterly burn of 30 million BGB tokens, reinforcing its updated deflationary model.
3. Coinbase – Leading U.S. Crypto Exchange for Institutional Access Coinbase remains the U.S. market leader with over 110 million users. Its derivatives business surged 6200% YoY, driven by expanded perpetual listings.