2025 Check-In: Are Crypto Exchanges Thriving or Struggling?
2025-07-13 11:40:25
Main Idea
The crypto sector is performing well in the first half of the year, with Binance dominating spot and futures markets, while Coinbase leads in institutional platform strength and Ethereum network usage.
Key Points
1. Coinbase is a strong institutional platform, leading in Ethereum network usage and reserve size.
2. Binance dominates the spot market with a 42% share ($2 trillion) of total centralized spot trading volume and leads in Bitcoin and altcoin trading.
3. Binance also leads the Bitcoin futures market with a 38% global market share ($4.1 trillion in perpetual futures volume).
4. Binance holds the largest stablecoin reserves among top exchanges with a 59.65% market share ($31.67 billion).
5. Bybit, OKX, and Bitget compete in derivatives, Ethereum stablecoin flows, and regional user activity but remain below top-tier platforms in trading activity and reserve sizes.
Description
The year is halfway in, and the crypto sector is performing well. However, it is essential to evaluate the performance of crypto trading platforms as they play significant roles in the growth of the space. A report by the market intelligence platform CryptoQuant has analyzed the growth of top players, including Binance, Coinbase, Bybit, OKX, and Bitget. The analysis checks their performance across the spot, futures, derivatives, and regional markets. CryptoQuant also gauged their level of on-cha...
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