CONTENT
CryptoQuant 2025 exchange activity review shows that spot trading volume reached $18.6 trillion (+9% YoY), while perpetual futures volume surged to $61.7 trillion (+29% YoY).
Binance remained dominant in spot trading, Bitcoin perpetuals, liquidity, and reserves. Growth was primarily driven by derivatives, with market power continuing to concentrate among top exchanges.
WRITER’S INTRO
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