Crypto Exchanges Report Q3 2025

Summary

In Q3 2025, the crypto market showed a steady recovery, led by strong Bitcoin ETF inflows totaling USD 7.8 billion and a rise in Bitcoin dominance to around 64%, with prices ranging between USD 108,000 and 124,000. The total crypto market capitalization increased from USD 3.46 trillion in June to nearly USD 4 trillion by late September, supported by easing rate expectations and improving regulatory clarity, though inflation and global growth concerns continued to weigh on sentiment.

Overall Market

In Q3 2025, Binance maintained its dominant position with a 35.09% market share, remaining the only exchange consistently accounting for more than one-third of total trading volume. Bitget achieved notable progress, gaining 0.31% from the previous quarter to surpass Bybit and secure third place. Gate and BingX also saw strong momentum, increasing their market shares by 1.74% and 1.11%, respectively, while KuCoin maintained steady growth with a 0.16% rise. In contrast, OKX experienced the largest decline among major exchanges, with its market share falling by 1.55% during the quarter.

The rise of RWA tokenization this quarter has attracted growing attention from the Web2 field toward the broader crypto industry. At the same time, perpetual DEXs emerged as one of the key market narratives, driving a surge in on-chain derivatives trading activity.

Spot Trading

In Q3 2025, the spot market staged a solid rebound, with total trading volume climbing 30.56% quarter-over-quarter to USD 4.7 trillion. The average daily volume rose to about USD 51.6 billion, reflecting stronger market participation. Bitcoin’s sustained rally was the key driver of this recovery, though liquidity in most altcoins remained limited.

Derivatives Trading

In Q3 2025, derivatives trading surged to USD 26.0 trillion, up 28.71% from Q2. The rebound was driven by renewed investor activity amid improved sentiment and liquidity, with the average daily volume rising to USD 283 billion. The EVIX edged higher in September, signaling increased short-term volatility expectations, though caution persisted ahead of key macro data and geopolitical risks heading into Q4.

In Q3 2025, Binance remained the leader in open interest with a 24.61% market share, up 0.78% from the prior quarter. Bybit and Bitget followed, gaining 0.54% and 0.45%, respectively, further strengthening their foothold as trading volumes concentrated in top exchanges. Overall, the derivatives market remained stable with minor share fluctuations, while improved sentiment, rising asset volatility, and better liquidity conditions drove higher participation in futures and perpetual contracts.

Exchange Token

After a quiet Q2, exchange tokens rebounded strongly in Q3, driven by market recovery and renewed platform initiatives. Except for LEO, all major tokens outperformed Bitcoin, with OKB and CRO leading gains at 281.22% and 132.42%, respectively. Both saw sharp increases followed by partial pullbacks, while BNB and KCS posted steady growth supported by solid fundamentals and active ecosystems. Looking ahead, exchange tokens are expected to sustain their growth momentum into Q4 2025.

Looking ahead, the market is expected to remain cautiously optimistic. The Federal Reserve’s rate cut and the prospect of further policy easing should support sentiment, although inflation and geopolitical risks may sustain volatility. Continued ETF inflows and institutional demand are likely to underpin Bitcoin and other major assets, while altcoin activity could stay subdued. Centralized exchanges are expected to maintain robust trading volumes, with stronger compliance and transparency driving market consolidation toward year-end.