Crypto exchanges processed a record $9.36 trillion in trading volume during H1 2025, the strongest first half since 2021, despite Q2 drops of 27.7 percent totaling $1.5 trillion across top platforms. Binance‘s market share fell to 39.8 percent after losing 6 points, while outliers like SuperEx claimed $163.6 billion daily volume—10x Binance’s $15.4 billion—highlighting liquidity fragmentation. With 217 active exchanges and $2.7 trillion market cap, flows signal maturing institutional participation amid retail volatility.
H1 volume breakdown: Peaks and sharp declines. January led with $2.3 trillion, February $1.7 trillion on tariff hype and ETF inflows, but March crashed 41 percent YoY to $1.45 trillion amid macro fears. April dipped to $1.28 trillion (-19 percent YoY), May rebounded 15 percent MoM to $1.47 trillion on pro-crypto policies, June slowed to $1.07 trillion. Spot + derivatives hit $7.2 trillion in February (-20.6 percent MoM), reflecting panic post-Bybit $1.4 billion hack.
Top 10 daily volumes exceed $203 billion, CoinMarketCap tracking 248 exchanges at $2.1 trillion 24h total. H1 outpaced 2024 by 7.5 percent, 2023 by 125 percent.
Binance processed $3.5 trillion H1 (37 percent share, -6 percent YoY), Bybit $722 billion (7.6 percent, -0.9 percent), OKX $581 billion (-0.6 percent), Coinbase $618 billion (-0.5 percent). Huobi gained 1 percent to 5.5 percent; MEXC 8.6 percent, Gate 7.8 percent, Bitget 7.6 percent, Upbit 6.3 percent. SuperEx’s $163.6 billion daily outlier questions data integrity but underscores niche liquidity pools.
CEXs hold 89 percent spot volume, DEXs 11 percent via DeFi traction. CoinGecko notes Gate.io/Bitget rising to 2nd/3rd.
Binance dominates market
In the recent trading period, Binance led the market with a remarkable volume of $3.5 trillion, accounting for approximately 37 to 39.8 percent of the overall market share, though it experienced a decrease of six percentage points year-over-year. Bybit followed with a volume of $722 billion, representing 7.6 percent market share, down by 0.9 percentage points from the previous year. Coinbase was next, with a trading volume of $618 billion, translating to roughly 6 percent market share, which declined by 0.5 percentage points year-over-year. OKX also competed closely, reporting a volume of $581 billion, maintaining a 6 percent market share, but reflecting a decrease of 0.6 percentage points. Meanwhile, SuperEx emerged with a daily trading volume of $163.6 billion, showcasing its potential but lacking a specific market share percentage.
The top 19 percent of exchanges command 60 percent spot volume; over 50 percent licensed. Bid-ask spreads tighten on majors, but alts fragment liquidity. Stablecoin flows hit $4.6 trillion H1 across 1 billion transactions, USDT/USDC cap over $230 billion (65 percent/26 percent). TVL: Ethereum 56.8 percent, Solana 7 percent, Tron 6.5 percent.
On-chain: Exchange balances signal outflows post-hacks, ETP inflows $4 billion net (BTC 515K, ETH 611K). Retail dominates ETFs (85-90 percent), institutions under 5 percent long-term.
Revenue projections: $54-71 billion amid profit pressures
Market revenue eyes $54.8 billion (up from $43.8 billion in 2024), North America $11.9 billion (U.S. $9.5 billion), Europe $6 billion, APAC $7.45 billion. Coinbase Q revenue down 26 percent to $1.5 billion, Gemini H1 loss $282 million on $68 million revenue. Bullish NYSE debut at $13.2 billion valuation.
Fees: Maker/taker tiers, staking subscriptions; mobile 70 percent usage boosts app revenue.
Security incidents drain $2.17 billion, spur budget hikes
H1 hacks: 344 incidents, $7.18 million avg loss; Bybit $1.5 billion, CoinDCX $44 million. 63 percent exchanges upped cyber budgets, 31 percent still breached; malware up 26 percent, SIM swaps 19 percent. Proof-of-reserves, audits rise.
Global owners reach 560 million (+34 percent YoY), projected 861 million; U.S. 100 million, Europe 218 million. Coinbase 108 million users/10.8 million MAU, KuCoin 40 million. Mobile usage is 70 percent, ownership at 6.8 percent penetration.
U.S. accounts for 17.9 percent traffic, India and Turkey follow. Stablecoins project $23 trillion in 2024 transactions (+90 percent), H1 2025 $4.6 trillion; 71 percent of LatAm remittances. 90 percent of firms deploy infrastructure for speed/security.
Institutional: 57 percent bullish on allocations; retail drives volume. Chainalysis: India/U.S. lead adoption.
Q3 spot $1.8 trillion Binance alone, derivatives OKX $1.3 trillion overtaking. a16z: Stablecoins/AI in crypto go mainstream. GENIUS Act clarity boosts custody.
Volumes reflect resilience: $9.36 trillion H1 amid hacks/tariffs, but concentration risks loom. As liquidity consolidates and institutions enter, exchanges evolve from volume chasers to compliant hubs.
