Nine of the top 10 exchanges saw trading volumes drop in 2025 Q1. Meanwhile, eight saw double-digit percentage drops, with Upbit dropping the most. It fell -34.0%, with its trading volume declining to $371.0 billion from $561.9 billion in 2024 Q4. Overall, trading volume of the top 10 exchanges decreased by -16.3% in Q1, or -$1.1 trillion, for a total of $5.4 trillion.
Binance remained the largest centralized exchange (CEX), with its market share at 38.0% in April 2025. on the other hand, Gate.io was the second-largest centralized exchange by spot trading volume in April 2025.
Bitget grew as others fell managing to climb the ranks, ending April 2025 as the third-largest exchange. It had $92.0 billion in trading volume, for a market share of 7.2%. It started 2025 with a market share of 4.6%, but has slowly grown its dominance throughout the months.
The remaining top 10 competitors held a combined dominance of 45.8% in April. Notably, market share amongst the top 2 – 10 exchanges is rather even, ranging between 5% to 9%.
what do you think is the cause for the -$1.1 trillion decline in April?
what do you think is the cause of Bitget's growth as others decline?
source: https://www.coingecko.com/research/publications/centralized-crypto-exchanges-market-share
