In the ever-evolving world of cryptocurrency exchanges, Binance has solidified its position as the market leader according to a recent mid-year report from blockchain analytics firm CryptoQuant. The report highlights Binance’s dominance across various exchange metrics in the first half of 2025, showcasing its superiority over competitors like Coinbase, OKX, Bybit, and Bitget.
Binance’s supremacy is evident in spot volume, futures trading, stablecoin reserves, capital inflows, and on-chain user activity. The platform stands out as the only exchange consistently excelling in all these key areas. On the other hand, Coinbase continues to excel as a primary institutional exchange, particularly in reserve holdings and Ethereum network usage. However, Binance’s trading activity and market breadth surpass that of Coinbase and other mid-tier exchanges.
Speaking of mid-tier players, Bybit, OKX, and Bitget are making strides in the derivatives space and Ethereum-based stablecoin flows. While they show competitive momentum, their overall capital inflows, reserve growth, and on-chain user activity still fall short of Binance and Coinbase’s metrics.
The report also underscores Binance’s popularity based on on-chain metrics, especially during periods of high volatility. Binance leads in altcoin deposit and withdrawal activity, indicating active user engagement and rotation during market rallies. Additionally, on the TRON network, Binance dominates USDT transaction volume, showcasing its stronghold in low-fee, high-frequency stablecoin trading.
Despite the growth of platforms like OKX and Bybit in user traffic and niche asset trading, they have yet to match Binance’s scale in terms of on-chain dominance and reserve inflow volume. As of mid-2025, Binance’s comprehensive dominance across spot, futures, stablecoins, and on-chain metrics cements its position as a central force in the global crypto exchange landscape.
Coinbase remains a stable alternative, particularly for institutional participants, while other exchanges continue to play catch-up with noticeable gaps in scale and user engagement. In conclusion, Binance’s grip on the market continues to tighten, solidifying its status as the exchange titan of 2025.