Cryptocurrency alternate exercise diverged sharply in 2025 as spot market development slowed whereas derivatives buying and selling continued to broaden at a robust tempo.
Complete spot buying and selling quantity reached $18.6 trillion. This represents a 9% year-on-year enhance, however a big slowdown from the 154% development recorded in 2024.
crypto alternate exercise
Perpetual futures buying and selling, in distinction, grew 29% 12 months over 12 months to $61.7 trillion after a year-over-year buying and selling quantity of $13.8 trillion, in keeping with CryptoQuant. Spot buying and selling remained extremely concentrated between main venues. Binance recorded near $7 trillion in buying and selling quantity, accounting for 41% of the highest 10 exchanges mixed.
The platform led exercise throughout each Bitcoin and altcoins. CryptoQuant noticed significantly robust quantity on Ethereum (Ethereum), Ripple (XRP), Binance Coin (BNB), Tron (TRX), Solana (SOL).
In the meantime, crypto exchanges comparable to Bybit, MEXC, and Crypto.com adopted by a substantial margin, with their respective spot buying and selling volumes at roughly $1.3 trillion to $1.5 trillion. In Bitcoin perpetual futures, Binance maintained a transparent lead with buying and selling quantity of $25.4 trillion, 42% of the highest 10 complete.
OKX, Bybit, and Bitget fashioned the second tier, every capturing 11% to 19% of the market share. Hyperliquid emerged as a notable participant with $2.2 trillion in buying and selling quantity, whereas the remaining exchanges, together with Coinbase, collectively accounted for about 10%.
Stablecoin liquidity was equally concentrated, with Binance holding $47.6 billion. USDT and USDC Reserves account for 72% of the highest 10 balances. General reserves confirmed a pointy decline past the biggest holders. Binance and Coinbase collectively account for greater than half of BTC; Ethereum, USDTand USDC spare.
Regional disparities in consumer base
Separate information compiled by impartial journalist Colin Wu additional reveals that visitors information additionally exhibits clear regional variations in alternate utilization. Binance’s consumer base was comparatively geographically various. The biggest sources of visitors have been from South Korea, Brazil, and Vietnam.
In the meantime, Coinbase, Crypto.com, and Kraken draw nearly all of their visitors from the US. The info additionally confirmed that some exchanges accounted for a big proportion of holiday makers from Russia and Russian-speaking nations.
