Centralized exchanges (CEXs) saw a 30.6% jump in crypto spot trading volume during Q3 2025, ending a two-quarter slump and pushing total volume to $4.7 trillion. This resurgence was fueled by Bitcoin breaking past $123,000 and a renewed wave of institutional participation. According to analytics provider
Binance continued to dominate, securing 43% of the spot market, while MEXC and Bybit each held 9%. In derivatives, Binance’s share rose to 31.3% in September, further distancing itself from competitors such as OKX (15%) and Bybit (12%).
This market revival was underpinned by several factors: Bitcoin’s price rally, clearer regulatory frameworks in major markets, and increased institutional capital entering spot markets. TokenInsight highlighted that stablecoin trading pairs made up more than 60% of spot transactions, providing liquidity during turbulent times. Retail involvement also grew, with CEX app downloads up 18% from the previous quarter.
Yet, obstacles remain. Binance is under investigation in South Korea regarding $106 million in frozen GOPAX GoFi user assets, with
Despite derivatives maintaining a leading role, spot trading volumes have gained momentum as investors look for direct exposure to assets during Bitcoin’s surge. TokenInsight cautioned that the derivatives sector is now entering a “period of structural change,” with new competitors intensifying the landscape.