Cryptocurrency change exercise elevated final yr, with complete managed and decentralized spot transactions reaching roughly $18.6 trillion, in response to blockchain analytics platform CryptoQuant.
$18.6 trillion was a 9% improve from the earlier yr, however progress was considerably slower than the 154% improve in 2024.. In the meantime, perpetual futures buying and selling continues to carry out nicely, growing 29% year-on-year to $61.7 trillion, a rise of $13.8 trillion in comparison with 2024.
Binance leads Bitcoin and altcoin buying and selling amid market volatility
The buying and selling quantity of cryptocurrency exchanges continues to extend. In 2025, the mixed worth of CEX and DEX reached $18 trillion in spots and $61 trillion in futures. pic.twitter.com/UqofSO2ScI
January 12, 2026 December 2026
Final yr, Binance led Bitcoin everlasting buying and selling with $25.4 billion, almost half of the whole buying and selling quantity of the highest 10 exchanges. Not far behind, OKX, Bybit, and Bitget fashioned a powerful second tier, collectively dealing with 11% to 19% of the site visitors, with Hyperliquid accounting for $2.2 trillion (3.7%).
Based on CryptoQuant, the remainder of the platforms, together with Coinbase, collectively contributed This corresponds to roughly 10% of the whole quantity of Bitcoin in everlasting circulation. The analytical platform revealed that almost all of spot buying and selling exercise is focused on a number of main exchanges. Binance reported spot buying and selling quantity of roughly $7 trillion in its final fiscal yr. This $7 trillion accounted for 41% of the highest 10 exchanges’ complete.
Supply: CryptoQuant; spot buying and selling quantity of high crypto exchanges in 2024-2025.
The analytical platform revealed that Binance dominates each the Bitcoin and altcoin markets with robust exercise. Ethereum, XRP, BNBTRX, and SOL. Bybit, MEXC, and Crypto.com exchanges every have a reported buying and selling quantity of roughly $1.3-1.5 trillion, which varies significantly.
Within the earlier yr, Ethereum There was solely slight progress, with a rise of just one.68%. in the meantime, BNB rose It rose about 37%, however fell 23% previously three months in 2025. Though short-term profit-taking briefly damage the worth, the bullish pattern signifies strong demand related to the Binance ecosystem.
Based on knowledge from CoinMarketCap, TRON has elevated by about 36 % within the final yr, however this improve has declined by 6 % previously three months. Nonetheless, each XRP and Solana ended the yr with declines of roughly -15.% and -19.37, respectively. XRP And Solana has had vital This fall revisions of roughly -17.53% and -30.16% over the previous three months.
Binance and Coinbase dominate stablecoin reserves, concentrating the market
Based on CryptoQuant, USDT and USDC Binance’s reserves amounted to roughly $47.6 billion final yr, representing 72% of the steadiness of the highest 10 stablecoin exchanges. The analytics platform confirmed OKX and MEXC to be the subsequent leaders with $9.3 billion and $2.2 billion, respectively.
crypto knowledge supplier revealed A small variety of exchanges owned nearly all of stablecoin liquidity. Bybit, Kraken, and Coinbase had extra modest stakes: Bybit (1.8 billion or 2.8%), Kraken (1.78 billion or 2.7%), and Coinbase (1.1 billion or 1.7%).
CryptoQuant revealed that Binance’s stablecoin reserves reached a brand new document of $51 billion in early November final yr. Nonetheless, the crypto knowledge supplier revealed that Binance’s stablecoin reserves amounted to roughly $49 billion on the finish of the yr. The evaluation web site confirmed that reserves in 2025 elevated to 51 % of the stablecoin reserve stage of 31.7 billion on the finish of 2024.
Reserve statistics present that in 2025, simply two exchanges will maintain greater than half of all reserves, with Binance alone holding $117 billion, which corresponds to a 31.8% improve in BTC. Ethereum, USDTand USDC. Coinbase got here in second place with 22.1% of $81 billion. Based on preliminary knowledge, Bitfinex got here in third place with $44.4 billion (12.1%), whereas OKX and Upbit managed round $23 billion and $20 billion, respectively.
