April 2025 marked a month of shifting dynamics in the centralized exchange market, where Binance continues to hold a leading position despite a decline in trading volume.
Binance's Trading Volume in April
Binance, the largest centralized exchange, controlled 38.0% of the market share for spot trading volume in April 2025. However, its trading volume decreased by 18.0%, falling to $482.6 billion, compared to $588.7 billion in March. This marks the first time since October 2024 that Binance's monthly volume has dropped below the $500 billion mark.
Rise of Gate.io and Its Competition
Gate.io showed remarkable growth, increasing its market share to 9.0% and trading volume to $113.7 billion in April 2025, marking a 14.4% increase from March. This allowed Gate.io to surpass Crypto.com, which has seen its market share decline since February. Gate.io was the only exchange to achieve double-digit growth in April.
Overview of the Centralized Exchange Market
The overall trend in Q1 2025 was challenging for most major exchanges. Trading volumes among the top 10 exchanges generally decreased by 16.3% in April, totaling $1.3 trillion. The South Korean exchange Upbit, for example, saw a 34.0% reduction in trading volume, dropping from $561.9 billion in Q4 2024 to $371.0 billion in Q1 2025.
Despite the drop in trading volumes, Binance maintains its leading status in the crypto exchange market. At the same time, Gate.io and Bitget are showing steady growth, indicating increasing competition in the sector.
