2025 Cryptocurrency Trading Market Divergence: Spot Growth Plummets, Perpetual Contracts Grow Against the Trend by 29%

In 2025, the total cryptocurrency spot trading volume reached $18.6 trillion, a year-on-year increase of 9%, significantly slowing down from the 154% growth rate in 2024. Perpetual contracts, however, remained strong, growing by 29% to $61.7 trillion, an increase of $13.8 trillion.

Binance continued to dominate the market, with a spot trading volume of nearly $7 trillion, accounting for 41% of the top ten exchanges; Bitcoin perpetual contracts reached $25.4 trillion, representing 42%. Bybit, MEXC, and Crypto.com each had spot trading volumes of approximately $1.3-1.5 trillion. OKX, Bybit, and Bitget formed the second tier in the perpetual contract market.

Stablecoin reserves are highly concentrated, with Binance holding $47.6 billion in USDT and USDC (72% of the top ten). In total reserves, Binance leads with $117 billion (31.8%), followed closely by Coinbase with $81 billion (22.1%).