Crypto Trading Volume Hits $18.6 Trillion as Growth Slows: Binance Dominates Market
- The State of Crypto Trading in 2025
- Binance’s Unshakable Dominance
- Market Performance: Winners and Losers
- Stablecoin Wars: Binance vs. Coinbase
- FAQs: Key Questions Answered
The cryptocurrency trading volume surged to $18.6 trillion in the past year, though growth rates slowed significantly compared to previous years. Binance led the pack, capturing nearly half of bitcoin perpetual trading volume, while stablecoin reserves and exchange dominance highlighted a consolidating market. This article dives into the data, trends, and key players shaping the crypto landscape.
The State of Crypto Trading in 2025
According to CryptoQuant, a blockchain analytics platform, the total trading volume for cryptocurrencies—including spot, derivatives, and decentralized exchanges—reached approximately $18.6 trillion in the past year. While this marked a 9% increase from the previous year, the growth rate paled in comparison to the explosive 154% surge seen in 2024. Futures trading remained robust, hitting $13.8 trillion, but the slowdown in spot trading raised eyebrows.
Binance’s Unshakable Dominance
Binance solidified its position as the market leader, accounting for $25.4 billion in Bitcoin perpetual trading volume alone—nearly half of the combined volume of the top 10 exchanges. OKX, Bybit, and Bitget trailed behind, collectively capturing 11-19% of the market. Meanwhile, Hyperliquid carved out a niche with $2.2 trillion (3.7%) in trading activity.
In spot trading, Binance reported $7 trillion in volume, representing a staggering 41% share among the top exchanges. The platform’s dominance extended to altcoins like ETH, XRP, BNB, TRX, and SOL, where it outpaced competitors by wide margins. Bybit, MEXC, and Crypto.com managed $1.3-$1.5 trillion each, but their influence remained limited compared to Binance’s hegemony.
Market Performance: Winners and Losers
ETH saw minimal gains, rising just 1.68% over the year, while BNB climbed 37% before correcting 23% in the last quarter of 2025. TRON outperformed with a 36% yearly gain, though it dipped 6% in the final months. XRP and solana struggled, closing the year down 15% and 19.37%, respectively, with even steeper quarterly losses of 17.53% and 30.16%.
Stablecoin Wars: Binance vs. Coinbase
Stablecoin reserves became a battleground, with Binance holding $47.6 billion in USDT and USDC—72% of the top 10 exchanges’ total. OKX and MEXC followed distantly with $9.3 billion and $2.2 billion, respectively. Bybit, Kraken, and Coinbase lagged further behind, each holding less than 3% of the market.
Binance’s stablecoin reserves peaked at $51 billion in early November 2025 before settling at $49 billion by year-end. The exchange’s overall reserves (including BTC, ETH, and stablecoins) grew to $117 billion, a 31.8% increase. Coinbase secured second place with $81 billion (22.1%), while Bitfinex, OKX, and Upbit rounded out the top five.
FAQs: Key Questions Answered
Which exchange dominated crypto trading in 2025?
Binance led both spot and derivatives markets, capturing 41% of spot volume and nearly half of Bitcoin perpetual trades.
How did major altcoins perform?
ETH barely moved (+1.68%), BNB gained 37% before correcting, and TRON rose 36%. XRP and Solana fell 15% and 19%, respectively.
What were the stablecoin reserve trends?
Binance held 72% of top exchanges’ stablecoin reserves, while Coinbase trailed at 22.1%. Smaller exchanges like OKX and MEXC held single-digit percentages.
