Binance Captures 37% of Bitcoin Spot Trading Market Share in 2025

Binance has solidified its position as the leading global platform for Bitcoin (BTC) spot trading in the first half of 2025, capturing an impressive 37% of the total market share. This dominance translates to over $3.44 trillion in traded volume, underscoring Binance's role as the primary hub for Bitcoin liquidity and major flow activity. The exchange's significant lead is evident in its ability to attract volume spikes and large trades, which often originate on its platform.

Competitors such as Bybit, Crypto.com, Coinbase, and OKX collectively accounted for around 29% of the total spot volume during the same period. These platforms form the next tier of liquidity centers, although they lag behind Binance by a considerable margin. Other exchanges, including Upbit, Bitget, and HuobiPro, each held around 5% of the market share, maintaining relevance but with comparatively lower influence. Exchanges like Kraken, KuCoin, and Gate.io contributed less than 3% of the total BTC spot volume, primarily serving niche or regional markets.

Beyond its spot volume share, Binance also dominates in whale activity. According to CryptoQuant, Binance has been leading in cumulative whale transaction flows across centralized exchanges. The exchange recorded 31.36 million BTC in whale inflows and 30.82 million BTC in outflows, reflecting the velocity and frequency of whale-sized movements (≥1000 BTC/day) over its operational lifespan. This massive two-way flow indicates Binance's role not merely as a custody hub but as a trusted venue for large-scale, active trading, market-making, and arbitrage operations, confirming its depth and infrastructure as reliable for whales.

Spread across 2,869 active days of whale inflows, Binance has facilitated over 53.2 million whale transactions. This activity dwarfs that of competitors, with Binance's activity being 10 times that of Kraken and five times that of HTX. For context, HTX Global follows with 24.1 million BTC in inflows across 6.8 million whale transactions, while Kraken recorded 23.7 million BTC in inflows with 765,000 whale transactions. Other notable platforms include Bitstamp, Bitfinex, Gemini, OKX, and Poloniex, but none match Binance’s scale.