Last week, CoinGecko released the 'Q1 2025 Crypto Industry Report', describing the tumultuous first quarter we just experienced from various angles including 'macroeconomics', 'mainstream coin performance', 'exchange ecology', 'new MEME asset issuance', and 'DeFi TVL'.

Geopolitical tensions and ongoing international conflicts, like the stock market, have led to continued tightening of overall liquidity in the crypto market. Liquidity is starting to concentrate on 'top players + safe-haven assets'; BTC, stablecoins, and leading assets have become a safe haven.

👉 Among them, Binance's market share has not decreased but instead increased to 40.7%, firmly securing the top position. Among other mainstream exchanges, the only one that has risen is Huobi, which has a small market share but is growing against the trend; however, whether this is sustainable remains to be seen.

We mainly analyze the performance of major exchanges in Q1 and the differentiation in their operational strategies.

1️⃣ Binance: 'CEX + Chain + Wallet', a steadily advancing crypto security.

Market share: approximately 40.7%

As risk aversion intensifies, liquidity is beginning to concentrate in major exchanges. As the pioneer of 'proof of margin', a leader in compliance, and with 99.99% service availability throughout the year, Binance is undoubtedly the most trusted exchange for investors.

—— Security is like Binance's DNA, flowing in every drop of blood.

The 'female security guard' @Yi He is still on the front line. Remember what CZ @CZ said: He Yi's greatest superpower is her ability to protect users.

The strong performance of BNB on-chain assets continues to drive the growth of BNB applications with the launch of Launchpool.

Binance Web3 wallet launches new projects approximately once a week; a high-frequency launch strategy helps Binance capture a large number of on-chain users.

2️⃣ OKX: The ecological center migrates to wallets, spot trading appears slightly fatigued

Market share: approximately 10.3%

OKX's strategic focus has shifted to wallet products. As the first exchange to offer a wallet, OKX Wallet remains a favorite among on-chain players, with rapid expansion of multi-chain support and a focus on on-chain applications.

Recently, due to EU reviews, the suspension of aggregators has caused much pain for many PVP players.

At the same time, it has spawned a batch of booming DEX platforms. However, with the MEME sector cooling down and the future return of the OKX aggregator, it remains uncertain whether this heat can be sustained.

Due to a large number of on-chain players, user styles tend to be short-term speculation, leading to insufficient trading initiative on exchanges. Meanwhile, aggregators are restricted, exposing weaknesses in compliance. We hope the OKX wallet returns soon to continue providing top-notch service experiences in CEX.

3️⃣ HTX: Outstanding counter-cyclical growth; can Brother Sun's magic be sustained?

The only exchange that achieved growth in the first quarter, with trading volume increasing by +11.4%

Although the market share is small, it has achieved counter-cyclical growth, relying heavily on traffic from the Asia-Pacific region, especially Vietnam, the Philippines, and Argentina.

The pace of new coin listings is fast, leaning towards short-term users, with constant brand narrative changes (such as HTX, TRON, USDD, etc.)

The data is impressive, but sustainability needs to be verified.

4️⃣ Coinbase: Stable for institutions but lacks growth

Market share approximately: 7.5%

Strengthening institutional compliance entry points, primarily promoting the Base L2 network, connecting on-chain native assets.

Providing USDC and staking-related financial product services.

North American stable platforms show insufficient growth but remain stable.

5️⃣ Other small and medium exchanges: More competitive

Exchanges like Bybit, KuCoin, and Bitget have quickly launched new coins, competing on 'who gets listed first', with trading incentives and commission wars reaching a fever pitch.

Common pain points for small and medium exchanges: user growth relies on promotional activities, as well as major liquidity issues and increasing regulatory pressure.

💡 Summary of the crypto industry for Q1

Q1 2025 is a cooling period for CEXs and the starting point for reshuffling the landscape.

Binance focuses on stability, HTX competes, OKX is fast, and Coinbase defends; each strategy represents the beliefs and directions of different crypto user groups.

—— Thank you for watching, remember to like and follow 🙏