Spot Trading Volume on Centralized Exchanges Hit $5.4T in 2025 Q1, Down -16.3% QoQ

In 2025 Q1, the top 10 centralized exchanges (CEXs) recorded $5.4 trillion in spot trading volume, a decrease of -16.3% quarter-on-quarter (QoQ).

Binance remained the dominant spot CEX, ending March with a 40.7% share. It saw its market share climb throughout the quarter. However, its trading volume plummeted to $588.7 billion in March, after climbing above the $1 trillion mark in December.

HTX was the only exchange in the top 10 to grow in Q1, with its volume increasing by +11.4%. Other top 10 CEXs saw volumes drop between 1.8% and 34.0%. Upbit suffered the largest drop, with its volumes plunging -34.0% from $561.9 billion in 2024 Q4 to $371.0 billion in 2025 Q1.

After suffering a major hack in February, Bybit had the largest month-on-month (MoM) drop. It fell by -52.4% MoM from $178.2 billion to $84.7 billion.