In the first quarter of 2025, Binance reaffirmed its position as the largest centralized exchange despite declines in trading volumes in the cryptocurrency market.
Trading Volume and Binance's Market Share
According to TokenInsight's report, Binance's total trading volume reached approximately $8.39 trillion, accounting for 36.5% of the centralized exchange market. This marks a decline from $9.95 trillion in Q4 2024 amid a broader downturn in the cryptocurrency market. Trading volumes fell 12.5% due to waning interest following Trump's inauguration.
Comparison with Competitors and General Market Trends
The total spot trading volume among the top 10 exchanges was $4.6 trillion, a 13.1% decrease from Q4 2024. While some competitors showed slight gains, such as MEXC's market share increasing from 6.1% to 8%, most platforms recorded declines. Coinbase, Binance's main competitor in the U.S., retained about 9% market share despite facing a tough quarter, during which its stock price dropped 30.6%.
Derivatives Market Dynamics
Binance also maintained leadership in the derivatives market with a 30.3% share. Derivatives trading reached $21 trillion, with an average daily volume of $233 billion. Traders increasingly turned to derivatives to manage risks amid macroeconomic uncertainties.
In conclusion, despite overall market trends and declining trading volumes, Binance continues to hold a dominant position in both the spot and derivatives markets, demonstrating stability and adaptability to changing conditions.
