Bitcoin Exchange Binance’s Trading Volume Dropped Hugely in April! What About Other Exchanges? Here Are the Details

The centralized cryptocurrency exchange (CEX) market witnessed significant changes in April 2025, with market leader Binance experiencing a sharp decline in trading volume, while Gate.io rose to second place.

Centralized Crypto Exchange Rankings Shook in April as Binance Drops Below $500 Billion in Volume

Despite maintaining its position as the largest CEX by spot trading volume, Binance’s market share fell slightly to 38.0% from 40.1% in March. The exchange recorded a trading volume of $482.6 billion, down 18.0% on a monthly basis compared to $588.7 billion in March.

This marks the first time Binance’s spot volume has fallen below $500 billion since October 2024, raising concerns about whether the exchange’s dominance is starting to plateau.

Binance led the top 10 exchanges with a 37.5% market share in the first quarter of 2025, carrying $2.0 trillion of the total $5.4 trillion trading volume.

Gate.io Moves to Second Place

Gate.io posted the strongest growth among all major exchanges in April, moving into second place with a 9.0% market share and $113.7 billion in trading volume, up 14.4% from $99.4 billion in March.

This rise put Gate.io ahead of Crypto.com, which has been losing market share steadily since February. Notably, Gate.io was the only exchange to record double-digit growth in April.

On a quarterly scale, Gate.io is projected to decline from $413.2 billion in Q4 2025 to $361.3 billion in Q1 2024. Despite the decline in Q1, its momentum in April positions it as a significant competitor to Binance.

Bitget Climbs to Third Place

Bitget achieved modest monthly growth of 1.7%, coming in third place with a 7.2% market share and $92.0 billion in spot trading volume in April.

Bitget has steadily expanded its footprint this year, leaving several rivals behind, starting 2025 with just a 4.6% share. However, its Q1 performance still lags behind, with $279.6 billion in total volume during the quarter and a 6.2% market share, making it only the ninth-largest exchange.

Broader Industry Trends: Most Stocks Down

Overall, the centralized exchange sector contracted in Q1 2025, with eight of the top 10 exchanges experiencing double-digit volume declines. Overall trading volumes shrank by $1.1 trillion, while the top 10 exchanges traded $5.4 trillion in Q1.

Upbit recorded the steepest decline of 34.0%, with transaction volume falling from $561.9 billion in Q4 2024 to $371.0 billion in Q1 2025.

While Binance remains the undisputed market leader, recent data highlights the increasing fragmentation among competitors, with Gate.io and Bitget in particular making significant gains.

*This is not investment advice.