Crypto Exchange Volumes Hit $18.6 Trillion in 2025 as Binance Tightens Its Grip
Crypto trading activity surged in 2025, pushing combined spot volumes across centralized and decentralized exchanges to roughly $18.6 trillion, according to blockchain analytics firm CryptoQuant. While growth slowed sharply compared to the explosive rally of 2024, trading intensity remained historically elevated, underscoring the market’s transition into a more mature, liquidity-driven phase.
Spot trading volumes rose about 9% year over year, a sharp deceleration from the 154% expansion recorded in 2024. At the same time, derivatives activity continued to dominate market behavior. Perpetual futures volumes jumped 29% to $61.7 trillion, adding nearly $14 trillion compared to the prior year.
Binance Dominates Bitcoin and Altcoin Trading
Once again, Binance emerged as the undisputed leader in crypto trading. The exchange handled nearly $7 trillion in spot trading volume, accounting for about 41% of activity among the top ten exchanges.
In perpetual Bitcoin futures alone, Binance processed approximately $25.4 trillion, close to half of the combined volume of the ten largest platforms. A second tier of exchanges, including OKX, Bybit, and Bitget, followed at a distance, collectively handling between 11% and 19% of total activity.
Decentralized derivatives platform Hyperliquid also made a notable showing, processing roughly $2.2 trillion, or about 3.7% of total volume. All remaining platforms, including Coinbase, together accounted for less than 10% of Bitcoin perpetual trading.
Token Performance Diverged Sharply in 2025
Market performance across major assets reflected selective demand rather than broad-based rallies. Ethereum finished the year nearly flat, gaining just 1.68%, while Binance Coin posted a stronger 37% annual increase, supported by activity tied to the Binance ecosystem. That momentum faded into late 2025, with BNB down roughly 23% over the last three months, reflecting profit-taking rather than structural weakness.
TRON stood out among large-cap assets, rising about 36% over the year, though it also gave back roughly 6% in the final quarter. In contrast, both XRP and Solana ended 2025 in negative territory, falling approximately 15% and 19%, respectively. The declines accelerated in the final quarter, with sharper drawdowns highlighting shifting risk preferences among traders.
Stablecoin Liquidity Concentrates at the Top
Stablecoin reserves became even more concentrated during 2025. CryptoQuant data shows that Binance alone held nearly $47.6 billion in USDT and USDC by year-end, representing about 72% of stablecoin balances across the top ten exchanges.
OKX and MEXC followed with roughly $9.3 billion and $2.2 billion, respectively. Other major platforms held significantly smaller shares. Bybit, Kraken, and Coinbase each controlled less than 3% of total stablecoin liquidity.
Binance’s stablecoin reserves peaked near $51 billion in November before ending the year slightly lower at around $49 billion, still well above 2024 levels. Overall exchange reserves reveal a similar concentration pattern. Binance held approximately $117 billion in combined BTC, ETH, USDT, and USDC, while Coinbase ranked second with about $81 billion. Bitfinex, OKX, and Upbit rounded out the top five.
What the Data Signals Going Forward
The 2025 data paints a clear picture of consolidation rather than expansion. Trading activity remains massive, but growth is now incremental, not explosive. Liquidity is increasingly concentrated in a handful of global exchanges, while derivatives continue to drive most volume.
For the broader market, this shift suggests a move away from speculative excess toward structural dominance by a few major players. Crypto is no longer short on liquidity. It is becoming selective about where that liquidity flows.
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