Binance Leads Crypto exchanges Amid Market Slump
In Q1 2025,Binance retained its crown as the top centralized exchange,despite a general downturn in the crypto market. The platform handled a trading volume of $8.39 trillion,representing 36.5% of the global CEX market share, as per TokenInsight’s Q1 report.
This figure is a drop from the $9.95 trillion seen in Q4 2024, mirroring the broader market trend. The decline in trading volumes,partly due to reduced excitement after Trump’s inauguration,saw a 12.5% decrease during the quarter.
Spot trading across the top 10 exchanges totaled $4.6 trillion, down 13.1% from the previous quarter. Binance’s spot market share, though, rose slightly to 45% by the end of Q1.
- MEXC’s spot market share grew from 6.1% to 8%.
- HTX,Bitget,and bybit also saw modest gains.
Coinbase, Binance’s main U.S. competitor, held onto about 9% of the market share but faced a tough quarter. Its stock price fell 30.6% to $172.23, and daily trading volumes dropped, signaling investor caution.
Binance also dominated the derivatives market with a 30.3% share. Derivatives trading reached $21 trillion, with an average daily volume of $233 billion. Traders used derivatives to manage risks in an uncertain economic climate.
TokenInsight noted that the market became more balanced as the hype around meme coins and AI tokens waned. U.S. tariff concerns could continue to impact the crypto market this quarter.
