Global cryptocurrency exchange activity surges in the first half of 2025, reaching a total trading volume of $9.36 trillion, the strongest first-half figure in four years. Despite high volatility and ongoing regulatory pressures, major price swings and renewed institutional interest drive trading momentum. While Binance retains its lead in trading volume, the top four exchanges all lose market share compared to 2024.
The cryptocurrency market demonstrates renewed activity in 2025, with crypto exchanges processing a total of $9.36 trillion in trading volume during the first half of the year. This marks the highest first-half figure since 2021 and reflects a 7.5% increase from H1 2024, a 125% jump over H1 2023, and a 20% rise compared to H1 2022.
The year begins with strong momentum. January records $2.32 trillion in exchange activity, followed by $1.77 trillion in February. These figures are significantly higher than their 2024 counterparts, showing year-over-year growth of over 100% and 52% respectively. Data compiled by CryptoPresales.com and sourced from The Block confirms that despite pronounced monthly fluctuations, the first six months of 2025 reflect strong overall performance. Factors including macroeconomic shifts, policy interventions, and high-profile security breaches significantly influence investor behaviour.
Events such as the announcement of trade tariffs by former President Donald Trump and the high-profile $1.5 billion Bybit hack create market tension, adding to the volatility. Institutional investors respond by using market dips as buying opportunities, contributing to overall trading activity. This blend of panic exits and strategic entries drives January to become one of the five highest-volume months in four years.
Volatility dominates monthly performance across H1
After a strong start, March sees a downturn with trading volumes declining to $1.45 trillion, a 41% drop compared to March 2024. Investor caution increases amid intensifying global regulatory pressure and uncertain economic signals. April follows this downward trend, logging $1.28 trillion in volume, which is 19% lower year-on-year.
However, May brings a reversal. The return of bullish sentiment, partly spurred by the Trump administration’s favourable crypto policies and mounting institutional interest, leads to a 15% month-on-month increase in volume to $1.47 trillion. Yet this recovery proves short-lived as June witnesses another drop, with volumes falling to $1.07 trillion.
Despite the fluctuations, the overall trading environment in H1 2025 remains robust, proving that investor interest in crypto remains resilient in the face of regulatory and geopolitical uncertainty.
Market share shift among top exchanges as Binance leads in volume
While the total volume across exchanges rises, the top four platforms experience declines in market share during the first half of 2025. According to data from The Block, Binance continues to lead in terms of total trading volume, processing $3.5 trillion and accounting for 37% of global exchange volume. However, this represents a 6% drop in share compared to the same period in 2024.
Bybit processes $722 billion in H1, with a 0.9% year-over-year decline in market share, bringing its total share to 7.6%. OKX and Coinbase also see reductions in their share, falling by 0.6% and 0.5% respectively. Their H1 trading volumes stand at $581 billion for OKX and $618 billion for Coinbase.
Huobi emerges as the only top-tier exchange to gain ground, increasing its market share by 1% year-over-year to reach 5.5%. This change points to shifting user preferences and competitive dynamics among the leading exchanges, as market participants respond to security, platform features, and strategic positioning in an evolving landscape.
Despite the pronounced ups and downs, H1 2025 demonstrates the crypto market’s capacity for resurgence. Volatility, macroeconomic stress, and regulatory scrutiny do little to dampen trading activity over the long term. Institutional investors play an increasingly important role, helping to stabilise the market during episodes of retail-driven swings.
With $9.36 trillion in trading volume, H1 2025 not only reflects the market’s resilience but also sets a high benchmark for the remainder of the year. Market watchers will continue to monitor how the rest of 2025 unfolds as exchanges adapt to changing regulations, investor sentiment, and technological developments.
Pallavi Singal is the Vice President of Content at ztudium, where she leads innovative content strategies and oversees the development of high-impact editorial initiatives. With a strong background in digital media and a passion for storytelling, Pallavi plays a pivotal role in scaling the content operations for ztudium’s platforms, including Businessabc, Citiesabc, and IntelligentHQ, Wisdomia.ai, MStores, and many others. Her expertise spans content creation, SEO, and digital marketing, driving engagement and growth across multiple channels. Pallavi’s work is characterised by a keen insight into emerging trends in business, technologies like AI, blockchain, metaverse and others, and society, making her a trusted voice in the industry.
