As of mid-2025, Binance and Coinbase lead the exchange landscape across different verticals, while platforms like OKX, Bybit, and Bitget remain competitive in derivatives and regional user activity.
Binance stands out as the most dominant and multifaceted crypto exchange in 1H 2025, leading in spot volume, futures trading, stablecoin reserves, capital inflows, and on-chain user activity across multiple networks.
Coinbase remains a strong institutional platform, especially in reserve size and Ethereum network usage, but its overall trading activity and market coverage remain relatively conservative.
Bybit, OKX, and Bitget are competitive mid-tier players, especially in derivatives and Ethereum stablecoin flows, but their reserve sizes, inflow dominance, and altcoin user activity remain well below top tier exchanges.
On-Chain Activity Signals User Preference: 1. Binance leads in both altcoin deposit and withdrawal transactions, indicating high user engagement and asset rotation during market rallies, and 2. On the TRON network, Binance registers the highest number of USDT transactions, reinforcing its dominance in low-fee, high-volume stablecoin activity.
Written by CQ Research
