- Binance led with 38.3% market share, but December volumes dropped 40.6% after October’s major liquidation event.
- Bybit bounced back from a February hack, ending 2025 with $1.5T in volume and steady market recovery.
- MEXC grew 90.9% YoY thanks to zero-fee trading, while Bitget and Gate also saw strong volume growth.
Crypto markets hit turbulence in December 2025, causing trading volumes on centralized exchanges (CEXs) to drop sharply. Binance stayed on top, holding a 38.3% market share, but its spot trading volume fell 40.6% from November, sliding from $609.0 billion to $361.8 billion.
According to the Coingecko report, the decline is a result of continued pessimism in the aftermath of the historic liquidation event on October 10. Binance processed $7.3 trillion in volume for 2025, or about 39.2% of all top 10 activities, despite the decline.
Bybit maintained its position as the second-largest exchange in December 2025. The platform recorded $90.0 billion in spot volume, representing a 9.5% market share. This figure reflects a 16.7% drop from November’s $108.1 billion. “Despite the major hack in February, Bybit has clawed its way back to the top,” the platform noted. Market share briefly fell to 6% in March but steadily recovered throughout the year, ending 2025 with $1.5 trillion in total volume.
MEXC Surges with Zero-Fee Strategy
MEXC was identified as the fastest-growing exchange in 2025, recording a spot volume of $86.0 billion in December. The market share was also impressive at 9.1%. The growth rate registered by this exchange was a remarkable 90.9%, driven by aggressive policies on zero-fee trading. Other exchanges, such as Bitget with a growth rate of 45.5%, and Gate with a growth rate of 39.7%, also registered positive growth.
Other exchanges, including Crypto.com, OKX, Coinbase, HTX, and Upbit, registered a mixed performance. Out of the top 10 exchanges, four exchanges registered a double-digit growth rate. Exchanges like Binance and OKX, on the other hand, saw a 0.5% YoY decrease. The top 10 exchanges registered a spot volume of $18.7 trillion in 2025, a 7.6% increase rate from 2024.
