Спотовый рынок криптовалют: рост до $18,6 трлн и уход участников в деривативы Headline: Spot Cryptocurrency Market: Growth to $18.6 Trillion and Shift of Participants to Derivatives

By the end of 2025, the trading volume on the cryptocurrency spot market reached $18.6 trillion. This figure represents a 9% increase compared to $17 trillion in 2024, as reported by CryptoQuant.

Analysts noted a significant slowdown in growth dynamics: the sector had seen a remarkable 154% increase the previous year.

The market encountered a divergence, with participant activity shifting towards the derivatives segment. The trading volume for perpetual futures surged by 29%, totaling $61.7 trillion, which is $13.8 trillion higher than in 2024.

Binance continued to reign as the leader in the spot market. In the 2025 financial year, the platform processed trades amounting to nearly $7 trillion, capturing 41% of the market share among the top 10 centralized exchanges. Binance maintained its dominance in Bitcoin and altcoin pairs, demonstrating strong liquidity in ETH, XRP, BNB, TRX, and SOL trades.

The second tier comprised Bybit, MEXC, and Crypto.com, with volumes of approximately $1.5 trillion, $1.4 trillion, and $1.3 trillion, respectively. MEXC showed the best performance, nearly doubling its 2024 figures.

In the Bitcoin futures sector, Binance also claimed the top spot with a turnover of $25.4 trillion (42% of the top 10 platforms). The exchange’s dominance increased by 20% compared to 2024.

Following closely were:

A new prominent player emerged in the decentralized platform Hyperliquid, which, with a volume of $2.2 trillion, captured 3.7% of the market. The rest of the platforms, including Coinbase International, HTX, and Deribit, accounted for about 10% of the total volume.

Liquidity in stablecoins remains highly concentrated. Binance holds $47.6 billion in USDT and USDC, which represents 72% of all reserves across the top 10 exchanges. At the beginning of November 2025, the exchange’s holdings reached a record $51 billion. Over the year, the platform’s reserves grew by 51%.

OKX took second place with $9.3 billion (14%), followed by MEXC with $2.2 billion (3%). The reserves for Bybit, Kraken, and Coinbase all fell below $2 billion each.

In terms of total assets (BTC, ETH, and stablecoins), more than half of the market is controlled by two giants:

Bitfinex secured the third spot with $44.4 billion. The figures for other participants like OKX, Upbit, and Kraken were significantly lower, emphasizing the gap between the leaders and the rest of the market.

According to the report, Binance led in the number of deposits and withdrawals, processing over 1.6 million transactions in altcoins. Coinbase ranked second in the number of transactions (1.2 million), although its statistics were predominantly driven by withdrawals, indicating a net outflow of user assets.

It is worth noting that a CryptoQuant analyst under the name Arab Chain suggested a likely reversal of Bitcoin amid a decline in open interest.