Binance tightens its grip as crypto trading power continues to focus: data

Binance continued to dominate in 2025 as it captured over 40% of perpetual spot and Bitcoin volumes on major global exchanges.

Crypto exchange activity varied widely in 2025 as spot market growth slowed while derivatives trading continued to grow at a strong pace.

Total trading volume on the spot market reached $18.6 trillion. This represented a 9% increase year-on-year, but it is a significant slowdown from 2024’s 154% growth.

Crypto exchange activity

According to CryptoQuant, on the other hand, perpetual futures activity rose 29% year-over-year to $61.7 trillion, following a $13.8 trillion increase in volume compared to the previous year. Spot trading remained highly concentrated on the major trading platforms. Binance registered a volume of almost $7 trillion and accounted for 41% of the total of the top 10 exchanges.

The platform sparked activity on both Bitcoin and altcoins. CryptoQuant noted particularly strong volumes in 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, with each recording approximately $1.3 trillion to $1.5 trillion in spot volume. In Bitcoin perpetual futures, Binance also maintained a clear lead as it handled $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% of the market share. Hyperliquid emerged as a notable player with $2.2 trillion in volume, while the remaining exchanges, including Coinbase, accounted for around 10%.

Stablecoin’s liquidity was similarly concentrated, with Binance holding $47.6 billion in USDT and USDC reserves, representing 72% of the top 10 balances. Overall, reserves showed a steep decline, beyond those of 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 differences in user bases

Separate data collected by independent journalist Colin Wu continues revealed that traffic data also indicated clear regional differences in interchange usage. Binance’s user base was relatively diversified geographically. The largest sources of traffic came from South Korea, Brazil and Vietnam.

On the other hand, Coinbase, Crypto.com and Kraken drew most 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.