The crypto market experienced a significant turnaround in the third quarter of 2025, as spot trading volumes on central exchanges (CEXs) saw a substantial recovery. This resurgence reversed a downward trend from the first half of the year, signaling renewed investor interest and a more active trading environment.
Market Rebound and Key Figures
Following two quarters of decline, CEX crypto spot trading volumes soared by an impressive 30.6% in Q3 2025, reaching a total of $4.7 trillion among the top 10 exchanges. This robust rebound brought volumes close to levels seen at the end of 2024, largely driven by Bitcoin's rally to new all-time highs exceeding $123,000 in August. While the spot market regained momentum, derivatives trading continued to dominate the CEX landscape, with its volumes also increasing by approximately 29% to $26 trillion, further highlighting its substantial share of overall trading activity.
Binance Maintains Market Dominance
Throughout this recovery, Binance firmly maintained its leadership position across both spot and derivatives markets. The exchange commanded a significant 43% of the total CEX spot trading volume, consistently holding over two-fifths of the market share, far outpacing competitors like MEXC and Bybit. In the derivatives segment, Binance also strengthened its lead, with its market share expanding to 31.3% by September. Although other exchanges such as OKX, Bybit, Gate, KuCoin, and BingX showed varying degrees of growth or maintained their standings, the overall report indicates a derivatives market undergoing structural transformation with intensified competition among established and emerging players.
