Binance Leads 2025 Crypto Exchanges With 40.7% Market Share, Report Shows

Bitcoin.com News, an influential platform founded by early Bitcoin advocate Roger Ver, has released its 2025 Global Top 10 Cryptocurrency Exchanges Analysis Report. This report provides a comprehensive overview of the leading cryptocurrency exchanges based on various performance metrics.

The report highlights that Binance secured the top position with a first-quarter spot trading volume of $2.2 trillion, capturing a significant 40.7% market share. This dominance underscores Binance's strength in depth and liquidity, making it a preferred choice for traders seeking robust market conditions.

Bybit follows closely in second place, demonstrating impressive performance with $3.61 billion in net fund inflows for March and a total value locked (TVL) of $149 billion. Bybit's ability to attract substantial inflows and maintain high TVL positions it as a formidable competitor in the market.

Bitget ranks third, boasting a quarterly trading volume of $2.08 trillion and a remarkable 159% spot volume growth rate. With a global user base of 120 million, Bitget's performance in user growth is particularly noteworthy, indicating its expanding influence in the cryptocurrency trading landscape.

Coinbase, known for its user-friendly platform, saw a staggering 6200% year-on-year growth in derivative trading volume, securing the fourth position. This significant increase highlights Coinbase's success in attracting users interested in derivative products, further diversifying its offerings.

Kraken, with a daily average spot trading volume of $283 million and over 13 million users, ranks fifth. Kraken's stable user base and consistent performance reflect its reliability and trustworthiness among traders.

The report also emphasizes the unique characteristics of each exchange in terms of compliance, product innovation, and user growth. Binance's depth and liquidity, Bybit's high inflows and TVL, Bitget's user growth, Coinbase's derivative performance, and Kraken's stable user base are all key factors contributing to their rankings.

Looking ahead, the report suggests that the current market adjustment phase may present opportunities for growth as the regulatory environment clarifies and traditional financial institutions increasingly enter the cryptocurrency space. This development could drive further innovation and expansion in the industry, potentially leading to new opportunities in the second half of the year.