Binance Dominates: Commanding 37% of Global Bitcoin Spot Volume in H1 2025
Binance isn't just leading the crypto race—it's lapping the competition. The exchange's iron grip on Bitcoin spot trading hit a staggering 37% market share in the first half of 2025, leaving rivals scrambling for scraps.
How did they do it? Liquidity, leverage, and a relentless focus on volume. While traditional finance still debates 'blockchain potential,' Binance turned the theory into a $9 trillion reality.
The kicker? This dominance comes despite regulatory crackdowns and banking bottlenecks. Love them or hate them, CZ's empire keeps finding ways to print money—the digital kind, at least.
Wall Street analysts are 'monitoring the situation.' Translation: they're still trying to buy the dip.
Competitors Lag Behind
Other prominent platforms such as Bybit, Crypto.com, Coinbase, and OKX collectively accounted for around 29% of total spot volume during the same period. Together, they formed the next tier of liquidity centers despite the wide gap with Binance.
Meanwhile, crypto exchanges such as Upbit, Bitget, and HuobiPro each hovered around the 5% mark. While they did maintain relevance in the global market, but had comparatively lower influence, as noted by CryptoQuant.
On the other hand, Kraken, KuCoin, and Gate.io, among other long-tail exchanges, each contributed less than 3% of total BTC spot volume and largely served niche or regional markets.
“Bottom line: If you’re looking for deep liquidity or want to track major BTC FLOW activity, Binance is still the primary exchange (by far).”
Beyond its spot volume share, Binance also dominates in whale activity.
Bitcoin Whales Won’t Leave Binance
In fact, CryptoQuant found that Binance has been leading in cumulative whale transaction flows across centralized exchanges. The exchange recorded a whopping 31.36 million BTC in whale inflows and 30.82 million BTC in outflows. This reflected not the total BTC supply but the sheer velocity and frequency of whale-sized movements (≥1000 BTC/day) over its operational lifespan.
Spread across 2,869 active days of whale inflows, Binance has facilitated over 53.2 million whale transactions. It has dwarfed competitors with 10 times Kraken’s activity and five times that of HTX. This massive two-way Flow indicates Binance’s role not merely as a custody hub but as a trusted venue for large-scale, active trading, market-making, and arbitrage operations, confirming its depth and infrastructure as reliable for whales.
For context, HTX Global follows with 24.1 million BTC in inflows across 6.8 million whale transactions, while Kraken recorded 23.7 million BTC in inflows with 765,000 whale transactions. Other notable platforms include Bitstamp, Bitfinex, Gemini, OKX, and Poloniex, but none match Binance’s scale.
