Overview
In the fast-paced world of cryptocurrency trading, one exchange has emerged as a clear leader in the first half of 2025: Binance. According to a recent analysis by CryptoQuant, Binance commanded an impressive 37% market share in global BTC spot volume, translating to over $3.44 trillion in traded volume. This data underscores Binance’s status as the go-to platform for Bitcoin liquidity and major trading activity, with volume surges and significant transactions often originating there first.
While Binance enjoys a substantial lead, other major platforms like Bybit, Crypto.com, Coinbase, and OKX collectively held around 29% of total spot volume during the same period, forming the next tier of liquidity centers. Despite their presence, they still lagged significantly behind Binance in terms of market influence. Smaller exchanges like Upbit, Bitget, and HuobiPro maintained around 5% of the market share each, indicating their relevance but limited impact compared to Binance.
Meanwhile, exchanges such as Kraken, KuCoin, and Gate.io, alongside other long-tail platforms, contributed less than 3% of total BTC spot volume, serving niche markets or specific regions. As CryptoQuant points out, Binance remains the top choice for those seeking deep liquidity and tracking major Bitcoin flow activities.
In addition to its dominance in spot volume, Binance also stands out in terms of whale activity. The analysis revealed that Binance leads in cumulative whale transaction flows among centralized exchanges, with a staggering 31.36 million BTC in whale inflows and 30.82 million BTC in outflows. This signifies the exchange’s role not just as a custodial platform but as a trusted venue for large-scale trading, market-making, and arbitrage operations. Binance’s infrastructure and reliability for whales are evident in its substantial transaction volumes, dwarfing competitors like Kraken and HTX.
Looking at the bigger picture, Binance’s stronghold on both spot volume and whale activity showcases its enduring appeal and trust within the crypto community. As the primary exchange for deep liquidity and significant trading movements, Binance continues to set the standard for excellence in the ever-evolving landscape of cryptocurrency exchanges.
