PANews reported on May 16 that recently, Bitcoin.com News, a media co-founded by early Bitcoin evangelist Roger Ver, released an analysis report on the world's top ten cryptocurrency exchanges in 2025.
Data shows that Binance topped the list with a spot trading volume of $2.2 trillion in the first quarter and a market share of 40.7%. Bybit ranked second with a net inflow of $3.61 billion in March and a TVL of $14.9 billion. Bitget ranked third with a quarterly trading volume of $2.08 trillion and a spot month-on-month growth rate of 159%, with a global user base of 120 million. Coinbase ranked fourth with a year-on-year increase of 6,200% in derivatives trading volume; Kraken ranked fifth with an average daily spot trading volume of $283 million and over 13 million users; Gate.io ranked sixth with 22 million users and more than $10 billion in reserves.
The report analysis pointed out that each exchange showed different characteristics in terms of 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 are remarkable in user growth and derivatives performance respectively, Kraken maintains a stable user base, and Gate.io focuses on improving user experience. In addition, the article mentioned that the current market is in a stage of adjustment. With the gradual clarification of the regulatory environment and the accelerated entry of traditional financial institutions, the crypto trading industry may usher in development opportunities in the second half of the year.
