A new mid-year report from blockchain analytics firm CryptoQuant reveals that Binance has emerged as a clear market leader across multiple exchange metrics in the first half of 2025.
While Coinbase continues to maintain a strong presence among institutions and competitors like OKX, Bybit, and Bitget continue to attract derivatives users, Binance's dominance spans both retail and institutional user bases.
Top Exchanges: Binance and Coinbase
CryptoQuant's analysis identifies Binance and Coinbase as the most efficient exchanges in their respective categories. Binance leads in spot trading volume, futures trading, stablecoin reserves, capital inflows, and on-chain user activity. It is the only platform that demonstrates stable strength across all areas.
In contrast, Coinbase maintains its advantage as a leading institutional exchange, particularly notable for its reserve volume and level of usage on the Ethereum network. However, Coinbase's trading activity and market scope remain more cautious compared to Binance and some mid-tier exchanges.
Mid-tier exchanges like Bybit, OKX, and Bitget continue to maintain competitive momentum in the derivatives space and Ethereum-based stablecoin cash flow. Their total capital inflows, reserve growth, and on-chain user activity remain significantly lower than those of Binance and Coinbase.
On-Chain Metrics Reinforcing User Interest in Binance
The report highlights that on-chain activity increasingly favors Binance, especially during periods of high volatility. Binance recorded the highest altcoin deposit and withdrawal activity, a signal indicating positive user turnover and interaction during market upswings.
On the TRON network, Binance also leads in USDT trading volume, reflecting the platform's solid position in high-frequency, low-fee stablecoin trading - a crucial function for both retail users and market makers in 2025.
While platforms like OKX and Bybit show steady growth in user traffic and niche asset trading, they have yet to match Binance in terms of on-chain dominance scale or reserve cash flow volume.
According to the analysis of CryptoQuant's dashboard, by mid-2025, Binance's multi-layer dominance - including spot trading, futures, stablecoins, and on-chain metrics - has made Binance a central force in the global cryptocurrency exchange landscape.
Coinbase remains a stable alternative with good capital backing, particularly for institutional participants, while other exchanges remain competitive but have a significant gap in scale and user interaction.