Binance, OKX, Bybit, and Bitget were the premier crypto exchanges of Q2 2025, according to a recent report issued by TokenInsight. Binance dominated its market with 35.39% composition, with OKX, Bybit, and Bitget sharing the market at 14.34%, 12.26%, and 11.45%, respectively. This was while trading volume was in decline for the second quarter in a row.
The crypto market made a comeback in Q2, bouncing from the dip earlier in 2025. Bitcoin shot up from $83,000 to $111,900, wrapping up the quarter at around $106,000. This spike was supported by institutional investments from ETFs and the prospect of interest rate cuts from the Fed, which improved the mood. Still, the growth wasn’t constant across the board. Altcoins experienced difficulties, which led to a fall in spot trading activity.
Spot Market Under Pressure as Derivatives Hold Firm
On Spot trading volumes, the daily average volume dropped from $51 billion in the first quarter to $40 billion in the second quarter. As a result, total spot trading on major exchanges decreased by 21.7%, to $3.63 trillion. Moreover, liquidity in the altcoin market was still weak, adding to the decline in trading activity.
Derivatives trading was more resilient in comparison. Total volumes amounted to $20.2 trillion, 3.6% lower than Q1. Then again, traders used the derivatives to hedge risks and exploit volatility. Binance also remained at the top for open interest, with a market share of 23.83%.
Exchange Tokens Fail to Mirror Bitcoin’s Rally
Regardless of Bitcoin’s 31.62% rally, exchange tokens underperformed. BNB gained 8.91%, whereas OKB, BGB, and KCS witnessed slight appreciation. Attesting to that, most exchange tokens have been facing dropping interest put down to altcoins not performing well. Looking ahead, if liquidity stays down, token growth may remain suppressed.
Q2 2025 confirmed the dominance of four key exchanges. But weak altcoin sentiment and lower spot activity signal a cautious outlook for Q3.
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