Crypto Trading Volumes Slide in Early 2025, But Binance Stays on Top

After closing 2024 on a high note, the crypto market faced a sharp correction in early 2025. Enthusiasm that had been fueled by a favorable macro backdrop—including Donald Trump’s presidential win and dovish signals from the U.S. Federal Reserve—quickly gave way to uncertainty...

Concerns over new policy directions in Washington and the European Central Bank’s potential shift toward rate hikes contributed to a pullback in sentiment across digital assets.

This shift was clearly reflected in trading behavior. According to fresh data from TokenInsight, trading volumes across centralized crypto exchanges declined notably in Q1. The combined total of the ten largest platforms dropped to $22.99 trillion, down more than 12% from the previous quarter. Spot trading saw the sharpest impact, falling over 13% from $5.3 trillion to $4.6 trillion.

Still, despite the slowdown, Binance continues to dominate the space. Although its trading activity declined from the previous quarter’s $9.95 trillion to $8.39 trillion, it retained a commanding position, holding over a third of all CEX volume. Its market share remained unmatched at 36.5%, reinforcing its status as the central pillar of crypto trading.

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Not all exchanges fared equally. MEXC, in contrast to the broader downtrend, managed to expand its reach in the spot market, increasing its share significantly and marking the biggest gain among major players. Bitget, Coinbase, and HTX also saw minor improvements, though they remain far behind Binance’s lead. Meanwhile, Ethereum’s steep drop—partly fueled by a major $1.5 billion security breach on Bybit—added to the cautious climate. Bitcoin, while more resilient, also pulled back between 10% and 15% from recent highs, settling near $85,000.

By the end of the quarter, the overall market capitalization had shrunk from $3.5 trillion to around $2.7 trillion. Though most exchanges saw their volumes contract, the competitive dynamics remain fluid. Some platforms are quietly gaining ground, capitalizing on niche strengths or improved user engagement, even as the top spot remains firmly in Binance’s hands.

Alexander Stefanov