When a giant vacillates, the whole crypto ecosystem holds his breath. In April 2025, Coingecko published a filter radiography of the centralized exchanges market (CEX), which reveals an unprecedented tilting in power relationships. If Binance remains in the lead, his domination crumbles in a context of accelerated reconfiguration of the actors. The spectacular movements of Gate.io and Bitget, combined with a global contraction of volumes, question the evolution of the sector.
In short
- Binance retains its first place, despite an 18 % drop in its trading volume, which goes below $ 500 billion for the first time since October 2024.
- Gate.io progresses dramatically and takes second place, with growth of 14.4 % in April.
- Bitget is experiencing a meteoric ascent, doubling its market share and reaching third position.
- Despite the general decline, the performance of Gate.io and Bitget underline a questioning of the order established on the market.
A turned podium: towards a new order among the CEX?
Binance retains its status as a world number one with a market share of 38 % in April 2025. However, this figure hides a more nuanced reality:
- The platform's trading spot volume fell to $ 482.6 billion, recording a fall of -18 % compared to March;
- It is the first time since October 2024 that Binance has passed under the symbolic threshold of 500 billion.
In parallel, Gate.io rose to second with a market share of 9 %, up +14.4 % over a month, and totals $ 113.7 billion.
Coingecko precise that “Gate.io was the only exchange platform to record two -digit growth”. It is now ahead of Crypto.com, which has been continuously backing up since February.
This upheaval from the top of the ranking is supplemented by the ascent of Bitget, now third with $ 92 billion in volume and a market share of 7.2 %. Bitget had started the year with only 4.6 % of share, but its regular increase allowed him to double historical competitors.
Note that the concentration remains strong. The classified exchanges from second to tenth place are held in a range of 5 % to 9 % market share each. In other words, the market is fragmented, but remains dominated by some actors still well identified.
A global dynamic under tension in the first quarter
Looking beyond April, data from the first quarter of 2025 show a more worrying trend: a massive contraction of volumes on all the main exchanges.
Coingecko specifies that “Nine of the first ten scholarships saw their volumes of transactions fall in the first quarter of 2025”with eight of them who record two -digit drops. Binance, despite its first place, saw its quarterly volumes fall by -15.7 %, stood at 2 trillions of dollars, out of a total of 5.4 trillions for the top 10. Gate.io and Bitget do not escape the trend, with respective decreases of 12.6 %and 13.2 %. The most severe case remains that of Upbit, whose volumes melted by -34 %.
This widespread decrease is a reflection of a decline in liquidity and engagement on the Spot markets, despite a more favorable macro context with the resumption of the Crypto market. The contrast between monthly growths (gate.io, bitget) and quarterly regression suggests increased volatility and opportunistic volume movements. Besides, Coingecko recalls that Bitget was only the ninth volume platform in the first quarter, although third in April, proof of a very recent climb.
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