The crypto market has started recovering after a sharp drop earlier this year, but activity on major trading platforms continued to decline, according to TokenInsight’s Q2 2025 report. Analysts attribute the downward trend to waning investor interest in altcoins and spot trading, as well as heightened geopolitical tensions that have weighed on overall trading volume.
Binance Remains the Leader Despite Market Share Dip
According to the report, the combined trading volume across the ten largest crypto exchanges reached $21.6 trillion in Q2, down 6,16% from Q1. Despite this decline, Binance retained the largest market share at 35,39%, though this figure marks a slight decrease from the previous quarter.
Five exchanges recorded growth in market share:
- Gate gained 2,55%.
- OKX rose by 1,08%.
- Bitget added 0,14%.
- HTX increased by 0,51%.
- KuCoin edged up by 0,05%.
Spot Market Loses Ground
The report notes that investors continued shifting away from spot trading toward derivatives, seeking to hedge risks amid an unstable macroeconomic environment. The average daily spot trading volume dropped from $51 billion in Q1 to $40 billion in Q2. Total spot trading volume fell 21,7%, from $4.6 trillion to $3.63 trillion.
TokenInsight forecasts that spot trading volumes will remain subdued in Q3, likely ranging between $3 trillion and $3.5 trillion. Weak liquidity in the altcoin segment continues to limit demand.
Derivatives Market Also Contracts
Derivative trading volumes reached $20.2 trillion for the quarter, down 3,6% from $20.9 trillion in Q1. The average daily turnover also declined, from $233 billion to $226 billion. Analysts link this trend to continued risk aversion driven by economic and geopolitical uncertainties.
Nonetheless, Binance strengthened its lead in open interest for derivatives, with its share increasing from 23,47% to 23,83%. Notable gains were also recorded by HTX (+1,19%), Bitget (+0,71%), and OKX (+0,63%).
Exchange Tokens Lag Behind Bitcoin
Although Bitcoin posted a quarterly gain of 31,62%, exchange tokens delivered more muted or negative performance. BNB was the top performer among exchange tokens, rising by 8,91%. However, it is not considered a pure exchange token, as it plays a broader role within the BNB Chain ecosystem.
OKB, BGB, and KCS showed moderate gains, while other major exchange tokens saw declines. The report emphasizes that their performance remained closely tied to the altcoin segment, which experienced lower liquidity and reduced activity during the quarter. TokenInsight expects this divergence between Bitcoin and exchange tokens to persist in Q3.
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