Binance’s trading volume in 2025 has reached levels exceeding the combined totals of its leading competitors, marking a new phase in the concentration of exchange activity.

Data compiled by CryptoQuant shows Binance handling up to double the trading volume of all other exchanges combined, a development that is raising questions about the structure of liquidity in global markets.

Per TokenInsight data, Binance recorded approximately $8.39 trillion in trading volume during the first quarter of 2025, accounting for 36.5% of global activity despite a decline in overall market volume.

During Q1, Binance’s average daily trading volume stood near $36.6 billion, compared to Bybit’s $7.9 billion, OKX’s $6.5 billion, and Coinbase’s $5.6 billion, placing it several multiples ahead of rivals. Research from CryptoQuant further recorded that Binance’s spot trading volume for the year had surpassed $1.9 trillion, outpacing Coinbase, Crypto.com, and OKX combined.

Market share concentration became more pronounced by midyear. Binance’s spot trading volume was nearly eight times higher than Coinbase’s, securing a market share of roughly 42%.

By June, Binance’s spot trading activity approached the combined total of all other exchanges, a rare scenario not seen since early 2024, when Bitcoin surged past $70,000.

The platform’s strength spans multiple areas beyond spot trading. Mid-2025 performance extended into futures markets, stablecoin flows, capital inflows, and on-chain metrics.

During Bitcoin’s all-time high this summer, Binance recorded nearly twice the total trading volume of all competitors combined, even as broader market activity slowed.