Bitcoin News Today: Crypto Market Shifts: Binance Drops 1.18% Share, OKX Gains 1.08%

In the second quarter of 2025, the cryptocurrency exchange market saw significant shifts in market share among leading platforms. Binance, the dominant player, held 35.39% of the market share, a slight decline from the previous quarter's 36.57%. Despite this minor decrease, Binance remained the only exchange to consistently capture over one-third of the market share. OKX secured the second position with 14.34% market share, showing a 1.08% quarter-on-quarter growth from 13.26% in the first quarter. Bybit maintained its third position with 12.20%, a 0.80% decline from the previous quarter. Bitget held 11.45% market share, with a 0.14% growth from 11.31% in the first quarter. MEXC posted an 11.45% share, declining 1.58% from 13.03% in the first quarter. Gate achieved the largest market share increase, rising 2.55% to 7.95%.

Several other exchanges also saw notable changes. BingX recorded a 2.17% market share, a 0.17% decline from the first quarter. HTX maintained a 2.64% share, posting a 0.51% growth quarter-on-quarter. Coinbase held a 1.06% market share, declining 0.62% from the previous quarter. KuCoin maintained a 1.29% market share with a 0.05% growth from its first-quarter position. Five exchanges saw market share growth during the second quarter, with Gate and OKX leading the gains.

The total trading volume across the top 10 exchanges reached $21.6 trillion, a 6.16% decline from the first quarter. Despite Bitcoin's recovery to $106,000 by the end of the quarter, trading activity declined across many alternative cryptocurrencies. The crypto market capitalization rebounded to approximately $3.46 trillion by the end of the second quarter, marking a 28.2% quarter-on-quarter increase following the first quarter's deep correction. This recovery was primarily driven by ETF product inflows and the Bitcoin rally. Federal Reserve rate cut expectations and improving employment data supported sentiment, but geopolitical tensions and sluggish global growth limited a broader rebound. Ongoing macro uncertainty and slow regulatory progress weighed on activity, leading to cautious investor sentiment that continued to affect trading volumes across exchanges.

Exchange tokens showed mixed performance in the second quarter of 2025, with all major tokens underperforming Bitcoin. Bitcoin gained 31.62% while exchange tokens failed to show similar momentum. BNB recorded the highest gain among exchange tokens at 8.91% quarterly. OKB, BGB, and KCS posted modest increases during the quarter. Most other major exchange tokens experienced declines across the timeframe. Exchange token performance remained closely tied to struggling altcoin market conditions. Bitcoin rallied strongly, backed by spot ETF inflows and regulatory clarity. Exchange tokens failed to benefit from the same institutional momentum. During the second quarter, there was a noticeable drop in altcoin market trading activity and liquidity.

In the second quarter of 2025, spot trading share continued to fall on most exchanges. MEXC had the biggest growth in spot share with a 2.70% gain, followed by Bitget. Traders continued to choose high-frequency derivatives trading in the face of uncertainty. The goal of trading derivatives was to leverage market volatility and manage risks. The pattern showed that spot markets had a more severe decline than derivatives. Binance maintained its leading open interest position with a 23.83% average market share, increasing 0.36% from the first quarter's 23.47% open interest share. HTX, Bitget, and OKX recorded the largest open interest gains at 1.19%, 0.71%, and 0.63% respectively.