April 2025 marks another month of dominance for Binance in the centralized exchange (CEX) market, although this leading exchange faced a decline in trading volume. Maintaining its position as the largest CEX, Binance controlled 38.0% of the market share for spot trading volume in April.
Binance experienced an 18.0% drop in trading volume, falling to $482.6 billion and recording $588.7 billion in March 2025. This is the first time since October 2024 that the monthly trading volume of this exchange has fallen below $500 billion, which may indicate a shift in market trends.
Despite this decline, Binance still far surpasses its competitors and retains a significant portion of the market. The second-largest exchange, Gate.io, has been experiencing continuous growth. In April 2025, Gate.io captured 9.0% market share, with a trading volume of $113.7 billion, marking a significant growth of 14.4% compared to March 2025.
Gate.io has surpassed Crypto.com, an exchange that has seen its market share decline since February. Gate.io has continuously grown to secure a solid second place, becoming the only exchange to achieve double-digit growth in April.
On the other hand, Bitget has achieved steady progress. With a market share of 7.2% and a trading volume of $92.0 billion in April 2025, Bitget's growth remains stable, especially considering the company held only a 4.6% market share at the beginning of the year.
Despite some declines in the first quarter, this exchange continues to maintain its growing position among the top exchanges in the market.
Looking at the overall trend, Q1 2025 saw a challenging period for most major exchanges. The trading volume of the top 10 exchanges generally declined, with eight out of the top 10 platforms experiencing double-digit percentage decreases.
The largest drop was from Upbit, with a 34.0% decrease in trading volume, falling from $561.9 billion in Q4 2024 to $371.0 billion in Q1 2025. The total trading volume of the top 10 cryptocurrency exchanges dropped 16.3% in April 2025, erasing $1.1 trillion. Overall, the total volume reached $1.3 trillion that month.
The top 10 exchanges by market share in April 2025 are as follows:
While Binance remains in the lead, Gate.io has shown impressive growth and Bitget is steadily climbing the ranks. This makes competition in the CEX market fiercer than ever.
At the same time, market volatility is becoming more apparent, with some platforms experiencing decreased trading volumes. This highlights the pace of change in the world of cryptocurrency trading. The total trading volume for April 2025 was valued at $1.3 trillion.
While Binance remains in the lead, the impressive growth of Gate.io and the steady rise of Bitget are making the CEX market more competitive than ever. At the same time, market volatility is becoming more apparent, with some platforms witnessing decreased trading volumes. This highlights the rapid changes in the world of cryptocurrency trading.