PANews reported on May 16th that recently, Bitcoin.com News, a media outlet co-founded by early Bitcoin evangelist Roger Ver, released a report analyzing the top 10 global cryptocurrency exchanges for 2025.
Data shows that Binance remains at the top with a first-quarter spot trading volume of $2.2 trillion and a 40.7% market share. Bybit ranks second with $36.1 billion in net capital inflow in March and $149 billion in TVL. Bitget ranks third with a quarterly trading volume of $2.08 trillion and a 159% quarter-on-quarter spot trading growth, with a global user base of 120 million. Coinbase ranks fourth with a 6,200% year-on-year increase in derivatives trading volume; Kraken ranks fifth with an average daily spot trading volume of $283 million and over 13 million users.
The report analyzes that exchanges demonstrate different characteristics in compliance, product innovation, and user growth. Binance has outstanding advantages in depth and liquidity, Bybit stands out with high inflow and TVL, Bitget and Coinbase show significant performance in user growth and derivatives respectively, while Kraken maintains a stable user base. Additionally, the article mentions that the current market is in an adjustment phase, and with gradually clarifying regulatory environments and accelerated entry of traditional financial institutions, the crypto trading industry may encounter development opportunities in the second half of the year.
