In keeping with Tokeninsight, Binance, Okx, Bybit and Bitget carried out sturdy within the alternate market by way of the second quarter of 2025. Whole buying and selling quantity throughout the highest 10 exchanges reached $21.6 trillion regardless of a 6.16% decline.
Binance held a market share of 35.39%, with 5 exchanges making earnings. Crypto Markes Capitalization rebounded to $3.46 trillion, recording quarterly progress of 28.2%.
Binance maintains a dominant place
Binance held a buying and selling quantity share of 35.39% within the second quarter of 2025, a slight decline from the primary quarter. The alternate fell 1.18% from its 36.57% market share within the final quarter. Nonetheless, Binance remained the one alternate to persistently purchase at greater than a 3rd of its market share.
OKX secured second place with a market share of 14.34%, recording quarterly progress of 1.08%. The alternate rose from 13.26% within the first quarter of 2025, indicating a steady market growth. Bybit held its third place at 12.20%, down 0.80% from the final quarter.
Bitget held a market share of 11.45%, rising 0.14% from its 11.31% place within the first quarter. MEXC recorded a share of 11.45%, down 1.58% from 13.03% within the first quarter of 2025. GATE achieved the most important market share enhance, up 2.55% to 7.95%.
BINGX recorded a market share of two.17%, down 0.17% from the primary stage. HTX maintained its share of two.64% and recorded a progress quarter of 0.51%. Coinbase held a market share of 1.06%, down 0.62% from the final quarter.
Kucoin maintained its market share of 1.29% and grew 0.05% from the primary quarter. The 5 exchanges noticed market share progress within the second quarter of 2025. Following the gate LED acquire, OKX has considerably improved its quarter enchancment.
Whole buying and selling volumes totaled $21.6 trillion for the highest 10 exchanges. By the tip of the quarter, there was a 6.16% drop from Q1 regardless of Bitcoin recovering.
Market circumstances drive a decline in buying and selling quantity
Bitcoin rose from $83,000 to peak, peaking at $111,900, closing the quarter at almost $106,000. Most different property have restricted restoration and Altcoins have skilled a sudden drop in liquidity. Buying and selling exercise declined with many different cryptocurrencies through the quarter.
Crypto’s market capitalization had rebounded to round $3.46 trillion by the tip of the second quarter. This restoration confirmed a quarterly enhance of 28.2% following a deep first quarter revision. The inflow of ETF merchandise and the Bitcoin rally have primarily pushed a market restoration.
The Federal Reserve price lowered expectations and improved employment information supported sentiment. Nonetheless, geopolitical tensions and slower international progress have restricted wider rebounds. Persevering with macro uncertainty and sluggish regulatory progress centered on exercise.
Cautious investor sentiment continued to have a constant affect on the amount of buying and selling throughout the alternate. For the second consecutive quarter, the market quantity efficiency has declined. Volumes might stay low if there is no such thing as a sturdy influx or new coverage assist.
Within the first quarter, spot commerce quantity was $51 billion per day. Now it is $40 billion. Spot buying and selling totaled $3.63 trillion, down 21.7% from $4.6 trillion within the first quarter. Spinoff buying and selling statistics fell 3.6% from the final quarter to $20.2 trillion. The common day by day buying and selling of derivatives fell from $233 billion to $226 billion.
Trade tokens confirmed blended efficiency
Trade tokens confirmed blended efficiency within the second quarter of 2025. Bitcoin rose 31.62%, however alternate tokens have been unable to point out related momentum. BNB recorded the best revenue amongst Trade tokens at 8.91% quarter.
OKB, BGB and KCS recorded a modest enhance through the quarter. Most different main alternate tokens decreased all through the timeframe. The efficiency of alternate tokens remained carefully linked to the struggling Altcoin market state of affairs.
Bitcoin got here collectively strongly, supported by the inflow of Spot ETFs and the readability of laws. Trade tokens have been unable to profit from the identical institutional momentum. Throughout Q2, buying and selling exercise and liquidity within the Altcoin market declined considerably.
Trade token efficiency from TokenInsight
Within the second quarter of 2025, spot buying and selling share continued to say no on most exchanges. MEXC achieved its greatest progress as its spot share elevated by 2.70%, adopted by Bitet. Confronted with uncertainty, merchants continued to decide on high-frequency derivatives to commerce within the first quarter.
The purpose of buying and selling derivatives was to leverage market volatility and handle danger. This sample confirmed that the spot market had a extra extreme decline than derivatives.
Binance maintained its main open curiosity place with a mean market share of 23.83%. The alternate rose 0.36% from its open curiosity share of 23.47% within the first quarter. HTX, Bitet and OKX recorded the most important open curiosity earnings at 1.19%, 0.71% and 0.63%.
