July 2025 marked a significant month in the cryptocurrency market, with reports of high trading volumes on major centralized exchanges such as Binance and Coinbase.
Market Leaders in July
In July 2025, cryptocurrency exchange Binance maintained its first-place position in the spot market among centralized exchanges, capturing 39.8% of the total volume. Trading volume on the platform increased by 61.4% compared to June, rising to $698.3 billion.
MEXC ranked second with an 8.6% market share and $150.4 billion in trading volume, up 61.8% from $93 billion in June. Gate took third place with a 7.8% market share and a trading volume of $137.2 billion, an increase of 61.3% month-on-month.
Second Quarter Results
At the end of the second quarter, the total spot trading volume on the top 10 centralized exchanges amounted to $3.9 trillion, down 27.7% from the first quarter's figure of $5.4 trillion.
Binance led Q2 with a 38% market share and processed $1.47 trillion in transactions, although trading volume was down 21.6% from Q1, when it reached $2 trillion. Seven of the top ten exchanges saw a decline in trading volume during the second quarter, with Crypto.com experiencing the largest drop of 61.4%.
Market Dynamics
The increase in trading volumes in July was driven by an overall bullish sentiment in the cryptocurrency market. Bitcoin reached historical highs, which attracted new participants. However, despite the growth in July, the overall trend in the second quarter indicates a decline in trader activity on centralized exchanges. Market participants are increasingly turning to decentralized exchanges (DEX), which expanded their market share as CEX volumes declined.
July 2025 showcased significant changes in the cryptocurrency market, with Binance continuing to dominate, while newcomers are showing interest in decentralized platforms amid a general decrease in trading activity.
