After steep declines in early 2025, centralized exchanges saw a strong rebound in spot trading volumes as Bitcoin’s rally reignited investor demand.
Introduction: Market Revival After a Quiet Start
The third quarter of 2025 marked a significant rebound in crypto spot trading activity on centralized exchanges (CEXs), breaking the negative trend of the year’s first half. According to new data from TokenInsight, spot trading volumes surged by 30.6%, reaching $4.7 trillion across the top 10 exchanges.
This recovery comes after months of sluggish activity and declining liquidity, signaling renewed confidence as Bitcoin (BTC) climbed to new highs above $123,000 in August.
<u>The resurgence suggests a stronger appetite among traders and institutions, driven by market optimism and improved exchange infrastructure.</u>
Spot Market Rebounds, Derivatives Still Dominate
While the spot market showed strong recovery, derivatives trading continued to dominate total crypto activity. Derivatives volumes jumped 29% quarter-over-quarter, climbing from $20.2 trillion in Q2 to $26 trillion in Q3.
TokenInsight’s report highlighted that both segments benefited from renewed volatility and investor participation following Bitcoin’s mid-year surge.
“The derivatives market is entering a phase of structural transformation,” the report stated, noting that competition among top exchanges is intensifying as smaller players gain traction.
Binance Holds Lead With 43% Market Share
Binance remained the clear market leader, controlling 43% of total CEX spot trading volumes in Q3. The exchange has maintained more than two-fifths of global spot market activity, far ahead of MEXC and Bybit, which each captured around 9%.
In the derivatives sector, Binance’s dominance strengthened further, with its market share rising to 31.3% in September. Meanwhile, OKX and Bybit held the second and third positions despite slight market share declines.
Other exchanges — including Gate, KuCoin, and BingX — reported notable growth, reflecting resilience amid increased volatility and shifting user preferences.
The Q3 data marks a clear reversal of the downward trend seen earlier in 2025. Analysts suggest that higher institutional participation, ETF-linked activity, and Bitcoin’s upward momentum could sustain this growth into Q4.
With both spot and derivatives markets expanding, the latest recovery reinforces the view that centralized exchanges remain the backbone of global crypto trading despite ongoing regulatory and competitive pressures.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.