Spot Cryptocurrency Market Reaches $18.6 Trillion in 2025

Spot market trading volume hit $18.6 trillion in 2025, up 9% from 2024.

By the end of 2025, trading volume on the spot cryptocurrency market reached $18.6 trillion, marking a 9% increase from $17 trillion in 2024, according to a report by CryptoQuant.

2025 crypto exchange activity in review.

Spot volume reached $18.6T (+9% YoY) while perpetuals surged to $61.7T (+29%), with Binance dominating spot, BTC perps, liquidity, and reserves.

Growth is derivative-led, and market power continues to concentrate at the top. pic.twitter.com/Om8udJJ9Qv

— CryptoQuant.com (@cryptoquant_com) January 12, 2026

Analysts noted a significant slowdown in growth dynamics; the sector had grown by 154% the previous year.

The market experienced a divergence as participant activity shifted towards the derivatives segment. Trading volume in perpetual futures increased by 29%, reaching $61.7 trillion, which is $13.8 trillion more than in 2024.

Binance Dominance and MEXC’s Success

Binance remained the leader in the spot segment. In the 2025 financial year, the platform processed nearly $7 trillion in trades, capturing 41% of the market among the top 10 centralized exchanges. The platform maintained its lead in Bitcoin and altcoin pairs, showing high liquidity in ETH, XRP, BNB, TRX, and SOL trades.

The second group consisted of Bybit, MEXC, and Crypto.com with volumes of approximately $1.5 trillion, $1.4 trillion, and $1.3 trillion, respectively. MEXC showed the best dynamics, nearly doubling its 2024 figures.

Power Dynamics in Derivatives

In the Bitcoin futures sector, Binance also held the top spot with a turnover of $25.4 trillion (42% of the top 10 platforms). The exchange’s dominance increased by 20% compared to 2024.

Following were:

• OKX: $11.3 trillion (18.5% share);
• Bybit: $9.6 trillion (15.8%);
• Bitget: $6.4 trillion (10.6%).

A new significant player emerged in the form of the decentralized platform Hyperliquid. With a turnover of $2.2 trillion, it captured 3.7% of the market. All other platforms, including Coinbase International, HTX, and Deribit, accounted for about 10% of the total volume.

Reserves and Stablecoins

Liquidity in “stablecoins” remains highly concentrated. Binance holds $47.6 billion in USDT and USDC, representing 72% of all reserves among the top 10 exchanges. In early November 2025, the exchange’s reserves reached a record $51 billion. Over the year, the platform’s reserves grew by 51%.

OKX took second place with $9.3 billion (14%), while MEXC was third with $2.2 billion (3%). Reserves of Bybit, Kraken, and Coinbase were each below $2 billion.

In terms of total assets (BTC, ETH, and stablecoins), more than half of the market is controlled by two giants:

• Binance: $117 billion (31.8%);
• Coinbase: $81 billion (22.1%).

Bitfinex ranked third ($44.4 billion). The figures for other participants like OKX, Upbit, and Kraken are significantly lower, highlighting the gap between the leaders and the rest of the market.

According to the report, Binance led in the number of deposits and withdrawals, processing over 1.6 million altcoin transfers. Coinbase ranked second in transaction numbers (1.2 million), but its statistics were dominated by withdrawals, indicating a net outflow of user assets.

Earlier, CryptoQuant analyst known as Arab Chain suggested an imminent Bitcoin reversal amid a collapse in open interest.