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Centralized exchange (CEX)
When a giant stumbles, the entire cryptocurrency system holds its breath. In April 2025, CoinGecko published an overview of the centralized exchanges (CEX) market, revealing an unprecedented shift in power dynamics. While Binance remains at the forefront, its dominance is eroding amid a rapidly changing landscape of players. The stunning movements from Gate.io and Bitget, alongside the global contraction in trading volumes, raise questions about the evolution of this sector.
In summary
Binance maintains its first position, despite a decrease in its trading volume by 18%, falling below $500 billion for the first time since October 2024.
Gate.io made a remarkable advance, securing second place with a growth of 14.4% in April.
Bitget is witnessing tremendous growth, with its market share doubling, reaching third place.
Despite the overall downturn, the performance of Gate.io and Bitget highlights the challenge facing the established system in the market.
Shaky platform: Towards a new system among stock exchanges?
Binance will maintain its position as the world's first with a market share of 38% in April 2025. However, this figure conceals a more nuanced reality.
The platform's spot trading volume decreased to $482.6 billion, marking a decline of -18% compared to March;
This is the first time since October 2024 that Binance's value has dropped below the symbolic threshold of $500 billion.
At the same time, Gate.io climbed to second place with a market share of 9%, an increase of +14.4% month-on-month, bringing its total value to $113.7 billion.
CoinGecko clarified that "Gate.io was the only trading platform to register double-digit growth." It now surpasses Crypto.com, which has been experiencing a continuous decline since February.
This remarkable development at the top of the ranking is complemented by the rise of Bitget, which is now third with a trading volume of $92 billion and a market share of 7.2%. Bitget started the year with only a 4.6% market share, but its steady progress has enabled it to surpass its historical competitors.
It is worth noting that concentration remains strong. Exchanges ranked from second to tenth hold a market share ranging between 5% and 9%. In other words, the market is witnessing fragmentation, but a few prominent players still dominate it.
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Global tension dynamics in the first quarter
Looking beyond April, data from the first quarter of 2025 shows a more concerning trend: a massive contraction in trading volumes across major exchanges.
CoinGecko clarified that "nine of the top ten trading platforms experienced a decline in their trading volumes in the first quarter of 2025," with eight platforms witnessing double-digit declines. Despite Binance holding first place, its quarterly trading volumes decreased by -15.7%, settling at $2 trillion, out of a total of $5.4 trillion for the top ten. Both Gate.io and Bitget were not spared from this trend, dropping by 12.6% and 13.2% respectively. Upbit is the most severe case, with trading volumes declining by -34%.
This broad decline reflects a decrease in liquidity and interaction in the spot markets, despite a more favorable macro environment with a recovery in the cryptocurrency market. The disparity between monthly growth (Gate.io and Bitget) and quarterly declines indicates increased volatility and opportunistic trading volume movements. Furthermore, CoinGecko reminds that Bitget was the ninth largest platform by volume in the first quarter, despite ranking third in April, proving a very recent rise.
