Crypto Spot Trading on CEXs Recovers by 31% in Q3 After Sharp Drop

Why It Matters

The recovery highlights a partial market normalization and intensifying competition as smaller exchanges like Gate, KuCoin and BingX post gains amid a broader structural shift in the derivatives landscape.

Summary

Crypto spot trading on the top 10 centralized exchanges rebounded sharply in Q3 2025, with volumes rising 30.6% to $4.7 trillion after steep declines earlier in the year, driven by renewed investor interest as Bitcoin rallied above $123,000. Derivatives trading remained dominant, climbing about 29% to $26 trillion, while Binance retained leadership with roughly 43% share in spot and an expanded derivatives share of 31.3% in September. The recovery highlights a partial market normalization and intensifying competition as smaller exchanges like Gate, KuCoin and BingX post gains amid a broader structural shift in the derivatives landscape.