Binance, OKX, Bybit & Bitget Dominated Crypto’s Q2 2025—Here’s Why It Matters
Crypto's big four just flexed their muscles—again. While traditional finance scrambles to keep up, Binance, OKX, Bybit and Bitget pulled ahead in Q2 2025 with ruthless efficiency. No fluff, no empty promises—just market dominance.
Exchange wars heat up
Liquidity, leverage and low fees won the quarter. Traders voted with their wallets, flocking to platforms delivering real utility instead of regulatory lip service. Meanwhile, legacy institutions are still debating whether crypto is 'real'—right before their quarterly earnings miss.
The bottom line
Decentralization purists won't like it, but centralized exchanges are eating crypto's lunch. And judging by Q2's numbers, they're not sharing the crumbs anytime soon. Maybe try keeping up?
Spot Market Under Pressure as Derivatives Hold Firm
On Spot trading volumes, the daily average volume dropped from $51 billion in the first quarter to $40 billion in the second quarter. As a result, total spot trading on major exchanges decreased by 21.7%, to $3.63 trillion. Moreover, liquidity in the altcoin market was still weak, adding to the decline in trading activity.
Derivatives trading was more resilient in comparison. Total volumes amounted to $20.2 trillion, 3.6% lower than Q1. Then again, traders used the derivatives to hedge risks and exploit volatility. Binance also remained at the top for open interest, with a market share of 23.83%.
Exchange Tokens Fail to Mirror Bitcoin’s Rally
Regardless of Bitcoin’s 31.62% rally, exchange tokens underperformed. BNB gained 8.91%, whereas OKB, BGB, and KCS witnessed slight appreciation. Attesting to that, most exchange tokens have been facing dropping interest put down to altcoins not performing well. Looking ahead, if liquidity stays down, token growth may remain suppressed.
Q2 2025 confirmed the dominance of four key exchanges. But weak altcoin sentiment and lower spot activity signal a cautious outlook for Q3.
Also Read: BigONE crypto exchange Suffers $27M Supply Chain Exploit
