Binance Holds 39.8% Spot Market Share in July Amid Volume Surge
Binance maintained its dominance in the crypto spot market in July 2025, capturing a 39.8% share with $698.3 billion in trading volume—up 61.4% from June. MEXC and Gate followed with 8.6% ($150.4 billion) and 7.8% ($137.2 billion) shares respectively. Despite leading MoM growth of 82.6%, Coinbase slipped to ninth place with $101.7 billion. Total spot trading volume on the top 10 centralized exchanges reached $3.9 trillion in Q2, down 27.7% QoQ. Binance led Q2 with a 38% share, processing $1.47 trillion but seeing a 21.6% drop from Q1. Crypto.com suffered the largest decline (-61.4%). The July surge was driven by bullish momentum and Bitcoin hitting new highs, while decentralized exchanges (DEX) gained share amid slower CEX activity.
Bullish
July’s strong spot market performance—led by Binance’s 61.4% MoM volume surge—reflects renewed bullish momentum in cryptocurrencies. Bitcoin’s new highs attracted fresh capital, driving CEX trading volumes up despite a Q2 downtrend. Rising volume often precedes price advances as liquidity and trader confidence increase. The shift toward DEX platforms also signals growing diversification in trading venues, underlining a healthy, expanding market. Historically, similar post-high-volume rallies have supported mid-term price uptrends, suggesting continued upward potential in both spot market activity and broader crypto valuations.