Binance has maintained its dominance in the centralized crypto exchange landscape, securing a 38.0% market share at the start of Q2 2025. However, despite holding the top position, the exchange experienced an 18% drop in trading volume.
According to a report published by CoinGecko, Binance’s trading volume stood at $482.6 billion in April 2025, down from $588.7 billion the previous month. This marked the first time since October 2024 that its monthly volume fell below the $500 billion threshold, potentially signaling a shift in market dynamics.
The steep decline also had a broader impact, contributing to a 16.3% reduction in the total trading volume of the top 10 crypto exchanges, wiping out $1.1 trillion in value.
Gate.io emerged as the second-largest exchange by trading volume in April 2025, securing a 9% market share with $113.7 billion in trades.
This marked a 14.4% increase from the previous month’s $99.4 billion and enabled the platform to surpass Crypto.com, which fell to ninth place. Crypto.com experienced a sharp 26.1% decline in growth and now holds a reduced market share of 6.2%.
Bitget secured the third position among crypto exchanges, demonstrating growth in spot trading volume comparable to Gate.io. Starting the year with a market share of just 4.6%, Bitget successfully increased its share to 7.2% by April 2025. By the close of that month, the centralized exchange reported a trading volume of $92.0 billion.
Spot Trading Volume in Q1
Spot trading activity across the leading 10 centralized exchanges experienced a downturn, with several platforms recording double-digit percentage losses.
Upbit faced the steepest decline, with its trading volume plunging by 34.0%, sliding from $561.9 billion in Q4 2024 to $371.0 billion in Q1 2025.
In April 2025, the combined trading volume for the top 10 crypto platforms dropped by 16.3%, resulting in a $1.1 trillion decrease. The total monthly volume settled at $1.3 trillion.
The drop experienced by Crypto.com is surprising especially since it launched an expansion plan across Europe in the first quarter of 2025. The exchange rolled out its full suite of services, including spot and derivatives trading, to all European Economic Area (EEA) member states in the first quarter of 2025. This expansion followed Crypto.com’s full regulatory approval in Malta under the EU’s Markets in Crypto-Assets Regulation (MiCA) framework.
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