Bitcoin and Binance dominate crypto markets in Q2. | Credit: Jonathan Raa/NurPhoto via Getty Images.
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Key Takeaways
Binance accounted for over 35% of trading volumes in Q2 2025.
Bitcoin’s post-halving correction and global economic uncertainty suppressed activity in Q2 2025.
U.S. spot Bitcoin ETFs are the primary driver behind BTC’s growth.
A fresh report on the performance of the world’s leading cryptocurrency exchanges has revealed that Bitcoin (BTC) has been a dominant market force since its rise above $100,000 in December 2024.
In addition, Binance retained its position as the top crypto exchange and handles over a third of all crypto trading volumes.
In its Q2 2025 report, TokenInsights found that Binance, OKX, Bybit, and Bitget were the top four centralized exchanges (CEXs) by combined spot and derivatives market share.
Binance reigned supreme with a 35.39% share, followed by OKX at 14.34%, Bybit at 12.26%, and Bitget at 11.45%.
Quarterly spot trading volumes totaled $3.6 trillion, down from $4.6 trillion in Q1.
TokenInsights attributed the decline to Bitcoin’s rally above $100,000 in Q4 2024 and Q1 2025, compared to its post-halving performance and broader economic uncertainty in Q2.
Derivatives markets remained relatively stable, posting $20.2 trillion in volume for Q2 2025, just 3.6% lower than Q1’s $20.9 trillion.
Binance’s continued dominance underscores its global reach and deep liquidity, maintaining trillions in trading volume despite ongoing regulatory scrutiny and past controversies.
More specifically, BTC saw a 31.62% gain in this period, largely driven by major inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).
Binance’s BNB tallied the second-highest gain of 8.91%, with the token’s broader utility beyond the exchange giving it broader market exposure compared to others.
As BTC continues to break into uncharted territory, with new highs seemingly arriving every week, its dominance will likely persist through Q3.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
