Centralized Exchanges Dominate $14.1 Trillion 2025 Crypto Market

Centralized exchanges continue to shape the global crypto market in 2025, with spot trading volume remaining a key indicator of liquidity and user activity. According to CoinGecko Research, the top 10 centralized exchanges handled a total of $14.1 trillion in spot trading volume from January to July 2025 [1]. Binance maintained its leadership throughout the period, recording a peak monthly volume of $2.2 trillion in January and nearly 40% market share by July, significantly ahead of its competitors [2].

Coinbase also demonstrated strong growth, reaching $1.8 trillion in spot trading volume by July, signaling increased confidence among retail and institutional users. Other exchanges, including OKX and HTX, continued to adapt to shifting market conditions and regulatory environments, highlighting the competitive nature of the CEX landscape. However, the sector experienced volatility, with total spot trading volume dipping to $1.3 trillion in April before rebounding, likely influenced by broader market corrections and regulatory uncertainty [3].

The dominance of centralized exchanges is further underscored by the fact that the top 10 platforms reported average daily trading volumes in excess of $203 billion, illustrating their role as primary gateways for global crypto liquidity. Meanwhile, Ethereum made a significant milestone, surpassing Bitcoin in spot trading volume for the first time since 2017, accounting for over 32% of all spot trading activity on major CEX platforms. This shift is attributed to the growing adoption of spot ether ETFs, which attracted over $13 billion in net inflows since April 2025 [4].

Stablecoins also remain a critical component of the trading ecosystem. A $1 billion USDT mint event on August 20, 2025, drew attention as traders monitored liquidity signals, while stablecoins accounted for 55% of trading volume across four major blockchain networks, demonstrating their utility in facilitating cross-chain transactions and CEX operations [5].

Despite Ethereum’s growing traction, overall spot trading volume on CEXs declined in the second quarter of 2025, falling 27.7% to $3.9 trillion. This decline reflects broader market volatility and changing trader behavior, with seven of the top 10 exchanges reporting reduced activity during the same period [6]. As decentralized finance (DeFi) platforms gain traction, the competitive landscape continues to evolve, pushing CEXs to innovate in areas such as listing protocols and regulatory compliance.

Source:

[1] CoinGecko Research

[2] Ali (@ali_charts), Twitter

[3] CoinMarketCap Community

[4] The Defiant

[5] Blockchain News

[6] CoinMarketCap