Binance leads global BTC trading volume in the first half of 2025. The latest analysis from CryptoQuant shows that this cryptocurrency exchange accounts for over 37% market share, equivalent to over $3.44 trillion in trading volume.

This significant lead demonstrates Binance's position as the main center for Bitcoin liquidity and large cash flow activities, as spikes in trading volume and large transactions often appear there first.

Competing Rivals Lag Behind

Other prominent platforms like Bybit, Crypto.com, Coinbase, and OKX together account for about 29% of the total spot trading volume during the same period. Together, they have created the next tier of liquidity centers, albeit with a significant gap from Binance.

Meanwhile, cryptocurrency exchanges like Upbit, Bitget, and HuobiPro hover around the 5% mark. Although they still maintain a position in the global market, their relative influence is lower, according to CryptoQuant.

On the other hand, Kraken, KuCoin, and Gate.io, along with many other exchanges, each contribute less than 3% of the total on-site BTC trading volume and mainly serve niche markets or regions.

"Key point: If you are looking for high liquidity or want to track large BTC cash flow activities, Binance remains the primary exchange (so far)."

In addition to the market share of spot trading volume, Binance also dominates whale activity.

Bitcoin Whales Will Not Leave Binance

In fact, CryptoQuant found that Binance leads in the cumulative trading flow of whales across centralized exchanges. This exchange recorded a massive 31.36 million BTC inflow and 30.82 million BTC outflow. This figure does not reflect the total supply of BTC but rather the absolute speed and frequency of large-scale transactions (≥1000 BTC/day) throughout the lifetime of the exchange.

Over 2,869 days of active whale investment capital flow, Binance has facilitated over 53.2 million whale transactions. This platform has outperformed its competitors with trading volumes 10 times that of Kraken and 5 times that of HTX.

This enormous two-way capital flow shows that Binance's role is not just as a custody center but also as a reliable venue for trading activities, market making, and large-scale, dynamic arbitrage, affirming the depth and reliable infrastructure of this platform for whales.

In comparison, HTX Global ranks second with 24.1 million BTC cash inflows through 6.8 million whale transactions, while Kraken recorded 23.7 million BTC cash inflows with 765,000 whale transactions. Other notable platforms include Bitstamp, Bitfinex, Gemini, OKX, and Poloniex, but none can match the scale of Binance.