The centralized cryptocurrency exchange (CEX) landscape continues to evolve, with Binance maintaining its dominance despite a notable decline in trading volume, while Gate.io and Bitget make significant strides, according to a recent CoinGecko report analyzing spot trading volumes from October 2024 to April 2025.
The study, focusing on the top 10 CEXs—Binance, Gate.io, Bitget, MEXC, OKX, Coinbase, Bybit, Upbit, Crypto.com, and HTX—reveals shifting market dynamics and a challenging first quarter for most platforms.
Binance solidified its position as the largest CEX in April 2025, commanding a 38.0% market share of spot trading volume.
However, its trading volume fell 18.0% month-on-month (MoM) to $482.6 billion, down from $588.7 billion in March.
This marks the first time since October 2024 that Binance’s monthly volume has dropped below $500 billion, signaling potential headwinds despite its market leadership.
In Q1 2025, Binance handled $2.0 trillion of the top 10’s $5.4 trillion total volume, securing a 37.5% share.
Its consistent dominance underscores its robust infrastructure and user base, even as competitors gain ground.
Gate.io emerged as the second-largest CEX in April 2025, capturing a 9.0% market share with $113.7 billion in spot trading volume—a 14.4% MoM increase from $99.4 billion in March.
This double-digit growth, unique among the top 10, allowed Gate.io to overtake Crypto.com, which has seen its market share erode since February.
Gate.io’s rise highlights its growing appeal to traders, though its Q1 performance was less stellar.
With $361.3 billion in volume, it ranked sixth among CEXs in Q1, trailing its Q4 2024 volume of $413.2 billion.
Gate.io’s April performance suggests it may continue to challenge the top tier.
Bitget secured the third spot in April 2025, with a 7.2% market share and $92.0 billion in trading volume, reflecting a modest 1.7% MoM growth.
Starting 2025 with a 4.6% market share, Bitget’s steady climb demonstrates resilience in a contracting market.
However, its Q1 volume of $279.6 billion placed it ninth among the top 10, with a 6.2% share.
Bitget’s ability to grow amidst widespread declines positions it as a notable contender, though it remains significantly behind Binance and Gate.io in absolute volume.
The first quarter of 2025 was challenging for the CEX sector, with nine of the top 10 exchanges reporting volume declines.
Eight experienced double-digit percentage drops, with Upbit suffering the steepest fall at 34.0%, its volume plummeting from $561.9 billion in Q4 2024 to $371.0 billion in Q1.
Collectively, the top 10 CEXs saw a 16.3% volume decrease, or $1.1 trillion, totaling $5.4 trillion in Q1.
This downturn reflects broader market dynamics, potentially driven by reduced trading activity or shifting user preferences.
The remaining top 10 exchanges held a combined 45.8% market share in April, with volumes relatively evenly distributed between 5% and 9%.
This parity among the second to tenth-ranked platforms contrasts with Binance’s outsized dominance.
The data, sourced from CoinGecko, underscores a competitive yet consolidating market, where Binance’s lead remains unchallenged, but emerging players like Gate.io and Bitget are carving out larger roles.
As the crypto market evolves, digital currency traders and investors will closely watch whether these shifts signal lasting changes or temporary fluctuations.