April 2025 marked a turning point for the centralized cryptocurrency exchange market, as Binance, despite being a leader, faced a sharp decline in trading volume. Meanwhile, Gate.io showed strong performance among its competitors.
Overall Market Changes
Binance, the largest centralized exchange, maintained its position, but its market share dipped from 40.1% in March to 38.0% in April. The trading volume amounted to $482.6 billion, representing an 18.0% drop from March's $588.7 billion. This marks the first time Binance's volume fell below $500 billion since October 2024, raising concerns about the sustainability of its leading position.
Gate.io Moves to Second Place
Gate.io posted the strongest performance among major exchanges, climbing to second place with a 9.0% market share and a trading volume of $113.7 billion, up 14.4% from March. Gate.io was the only exchange to record double-digit growth in April, surpassing Crypto.com, which has been steadily losing market share since February.
Bitget Climbs to Third Place
Bitget achieved modest monthly growth of 1.7%, coming in third place with a 7.2% market share and a trading volume of $92.0 billion. The exchange started 2025 with a 4.6% market share, but its quarterly performance lagged behind with $279.6 billion in total volume and a 6.2% market share.
The trading volume data for centralized cryptocurrency exchanges in April 2025 highlights the increasing fragmentation of the market. While Binance remains a dominant player, the growth of Gate.io and Bitget suggests potential shifts in market dynamics.
