Binance volume surpasses top 5 competitors combined as crypto markets contract

Binance’s trading volume in 2025 has reached levels exceeding the combined totals of its leading competitors, marking a new phase in the concentration of exchange activity.

Data compiled by CryptoQuant shows Binance handling up to double the trading volume of all other exchanges combined, a development that is raising questions about the structure of liquidity in global markets.

Per TokenInsight data, Binance recorded approximately $8.39 trillion in trading volume during the first quarter of 2025, accounting for 36.5% of global activity despite a decline in overall market volume.

During Q1, Binance’s average daily trading volume stood near $36.6 billion, compared to Bybit’s $7.9 billion, OKX’s $6.5 billion, and Coinbase’s $5.6 billion, placing it several multiples ahead of rivals. Research from CryptoQuant further recorded that Binance’s spot trading volume for the year had surpassed $1.9 trillion, outpacing Coinbase, Crypto.com, and OKX combined.

Market share concentration became more pronounced by midyear. Binance’s spot trading volume was nearly eight times higher than Coinbase’s, securing a market share of roughly 42%.

By June, Binance’s spot trading activity approached the combined total of all other exchanges, a rare scenario not seen since early 2024, when Bitcoin surged past $70,000.

The platform’s strength spans multiple areas beyond spot trading. Mid-2025 performance extended into futures markets, stablecoin flows, capital inflows, and on-chain metrics.

During Bitcoin’s all-time high this summer, Binance recorded nearly twice the total trading volume of all competitors combined, even as broader market activity slowed.

This level of concentration carries market implications. European Securities and Markets Authority officials have previously warned of systemic risks when a single platform processes a disproportionate share of trading volume, describing it as a “considerable concern” in regulatory communications reported by Reuters in April 2024.

Market structure is further shaped by liquidity distribution. While Binance leads in spot trading, other platforms such as OKX surpass it in liquidation volumes, reflecting different risk dynamics across venues.

The historical pattern of Binance’s dominance coinciding with price movement also remains in focus. A similar volume imbalance in early 2024 preceded a steep rise in Bitcoin’s price. The question looms as to whether high trading concentration might again affect directional momentum in major assets.

The scale of activity also intersects with regulatory oversight. In late 2023, some interpreted the U.S. Department of Justice settlement with Binance as an acknowledgment of the exchange’s position as too large to unwind without broader market disruption. That perception has carried forward into 2025 as the exchange extends its dominance despite market contraction.

Daily and quarterly figures reveal the magnitude of the gap. Binance’s $36.6 billion daily average places it nearly nine times larger than Coinbase, while its 42% spot market share marked the highest in ten months.

As of press time, volumes are down across the industry, but Binance’s trading volumes still match or surpass those of all competitors, redefining the balance of the exchange landscape in 2025.

The concentration of activity illustrates the degree to which one platform has become the primary gateway for liquidity, shaping both opportunities and risks in global digital asset markets.

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