Coinbase Market Share Slides to 5.8% Amid July Volume Surge
Coinbase’s market share in global crypto trading dropped from 7% in January to 5.8% in July, relegating the US-based exchange to ninth place, according to a CoinGecko report. Despite a 61% month-on-month jump to $101.7 billion in July trading volume, Coinbase market share weakened amid mounting competition. Overall trading activity on seven of the top 10 exchanges fell in Q2 2025, with five platforms recording double-digit volume declines. Binance dominated spot trading in July with a 40% share and $698.3 billion in volume, while MEXC claimed second place with $150.4 billion and an 8.6% market share. The data highlight intensified competitive pressures and challenges for Coinbase in retaining users and trading activity, underscoring evolving dynamics in the global crypto exchange landscape.
Neutral
Although the volume surge indicates robust crypto trading activity, Coinbase’s drop in market share suggests competitive pressure from lower-fee or region-focused exchanges. Historically, when major exchanges lose share—such as Bitfinex’s decline in 2018—trading volumes tend to redistribute rather than contract, keeping overall market momentum intact. In the short term, Coinbase may face bearish sentiment around its fee revenue and COIN performance, but the broader crypto market remains stable. Long term, intensified competition can benefit traders through lower fees and innovation, supporting a neutral impact on market stability as users adapt to alternative platforms.