After stumbling in the first quarter, the cryptocurrency market made a sharp recovery in Q2 2025, regaining nearly $664 billion in value and pushing the total market cap back to $3.5 trillion.
But while the surface figures suggest a bullish turnaround, the underlying data paints a more nuanced picture, especially for centralized trading venues.
Bitcoin reclaimed the spotlight with a new all-time high above $100,000, strengthening its dominance to over 62% of the market. Circle’s explosive IPO added to the market’s renewed optimism, as the stablecoin issuer’s stock surged nearly 865% in its first weeks of trading. Meanwhile, Ethereum climbed 36% over the quarter but still trades below its January levels.
Despite the recovery in asset prices, spot trading activity on centralized exchanges declined for the second consecutive quarter, dropping 27.7% to $3.9 trillion. Binance retained its top spot, though its trading volumes dipped below $500 billion in two out of three months. Crypto.com saw a steep 61% decline, falling out of the top five for the first time in months.
In contrast, decentralized platforms surged. DEXs posted record growth in both spot and perpetual trading volumes, with PancakeSwap and Hyperliquid leading the charge. Spot DEX volume jumped over 25% quarter-on-quarter to $876.3 billion, while perp DEX volume reached a record $898 billion. PancakeSwap alone accounted for 45% of DEX spot activity, boosted by Binance’s new routing protocol.
Solana-based DEXs, however, lost significant ground, with Orca, Raydium, and Meteora all seeing double-digit declines as attention shifted away from meme coins and toward other ecosystems.
Key Developments from CoinGecko’s Q2 2025 Report
- Total market cap rebounded 24%, recovering from Q1 losses to reach $3.5 trillion.
- Bitcoin dominance rose to 62.1%, fueled by fresh capital inflows and a new all-time high.
- Ethereum gained 36% in Q2, closing at $2,488 but still below its January open.
- Circle’s IPO was oversubscribed 25 times, with its stock peaking at $299 post-listing.
- Spot volume on CEXs declined for the second quarter, with most major exchanges losing ground.
- Spot DEX volume surged past $876 billion, hitting a new DEX-to-CEX ratio record.
- Perpetual DEXs also hit record highs, led by Hyperliquid’s dominant 72.7% market share.
As capital gravitates toward Bitcoin and decentralized platforms continue to gain traction, the landscape of crypto trading is undergoing a structural transformation. Centralized exchanges remain dominant but increasingly face competition from their decentralized counterparts.
Read the full analysis in CoinGecko’s 2025 Q2 Crypto Industry Report.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/crypto-market-regains-strength-in-q2-2025-but-centralized-platforms-lose-ground-coingecko/