According to Tokeninsight, Binance, Okx, Bybit and Bitget performed strong in the exchange market through the second quarter of 2025. Total trading volume across the top 10 exchanges reached $21.6 trillion despite a 6.16% decline.
Binance held a market share of 35.39%, with five exchanges making profits. Crypto Markes Capitalization rebounded to $3.46 trillion, recording quarterly growth of 28.2%.
Binance maintains a dominant position
Binance It held a trading volume share of 35.39% in the second quarter of 2025, a slight decline from the first quarter. The exchange fell 1.18% from its 36.57% market share in the last quarter. Nevertheless, Binance remained the only exchange to consistently acquire at more than a third of its market share.
OKX secured second position with a market share of 14.34%, recording quarterly growth of 1.08%. The exchange rose from 13.26% in the first quarter of 2025, indicating a stable market expansion. Bybit held its third position at 12.20%, down 0.80% from the last quarter.
Bitget held a market share of 11.45%, growing 0.14% from its 11.31% position in the first quarter. MEXC recorded a share of 11.45%, down 1.58% from 13.03% in the first quarter of 2025. GATE achieved the largest market share increase, up 2.55% to 7.95%.
BINGX recorded a market share of 2.17%, down 0.17% from the first level. HTX maintained its share of 2.64% and recorded a growth quarter of 0.51%. Coinbase held a market share of 1.06%, down 0.62% from the last quarter.
Kucoin maintained its market share of 1.29% and grew 0.05% from the first quarter. The five exchanges saw market share growth in the second quarter of 2025. Following the gate LED gain, OKX has significantly improved its quarter improvement.
Total trading volumes totaled $21.6 trillion for the top 10 exchanges. By the end of the quarter, there was a 6.16% drop from Q1 despite Bitcoin recovering.
Market conditions drive a decline in trading volume
Bitcoin rose from $83,000 to peak, peaking at $111,900, closing the quarter at nearly $106,000. Most other assets have limited recovery and Altcoins have experienced a sudden drop in liquidity. Trading activity declined with many alternative cryptocurrencies during the quarter.
Crypto’s market capitalization had rebounded to around $3.46 trillion by the end of the second quarter. This recovery showed a quarterly increase of 28.2% following a deep first quarter revision. The influx of ETF products and the Bitcoin rally have primarily driven a market recovery.
The Federal Reserve rate reduced expectations and improved employment data supported sentiment. However, geopolitical tensions and slower global growth have limited wider rebounds. Continuing macro uncertainty and slow regulatory progress focused on activity.
Cautious investor sentiment continued to have a consistent impact on the volume of trading across the exchange. For the second consecutive quarter, the market volume performance has declined. Volumes may remain low if there is no robust inflow or new policy support.
In the first quarter, spot trade volume was $51 billion per day. Now it’s $40 billion. Spot trading totaled $3.63 trillion, down 21.7% from $4.6 trillion in the first quarter. Derivative trading statistics fell 3.6% from the last quarter to $20.2 trillion. The average daily trading of derivatives fell from $233 billion to $226 billion.
Exchange tokens showed mixed performance
Exchange tokens showed mixed performance in Q2 2025, with all major tokens suffering poor performance Bitcoin. Bitcoin rose 31.62%, but exchange tokens were unable to show similar momentum. BNB recorded the highest profit among Exchange tokens at 8.91% quarter.
OKB, BGB and KCS recorded a modest increase during the quarter. Most other major exchange tokens decreased throughout the time frame. The performance of exchange tokens remained closely linked to the struggling Altcoin market situation.
Bitcoin It was a strong and strong gathering, backed by the influx of Spot ETFs and clarity of regulations. Exchange tokens were unable to benefit from the same institutional momentum. During Q2, trading activity and liquidity in the Altcoin market declined significantly.
In the second quarter of 2025, spot trading share continued to decline on most exchanges. MEXC achieved its biggest growth as its spot share increased by 2.70%, followed by Bitet. Faced with uncertainty, traders continued to choose high-frequency derivatives to trade in the first quarter.
The goal of trading derivatives was to leverage market volatility and manage risk. This pattern showed that the spot market had a more severe decline than derivatives.
Binance maintained its major open interest position with an average market share of 23.83%. The exchange rose 0.36% from its open interest share of 23.47% in the first quarter. HTX, Bitet and OKX recorded the largest open interest earnings at 1.19%, 0.71% and 0.63%.
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