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When the giant vaccinis, the whole crypto ecosystem holds their breath. In April 2025, he published the Coingecko X -ray radiography on the centralized stock market (CEX), which reveals unprecedented tilting in power relations. If Binance remains at the forefront, his domination will disintegrate in the context of accelerated reconfiguration of actors. The spectacular movements of Gate.io and Bitget, combined with global volume contraction, question the development of the sector.
In short
- Binance retains its first place, despite the 18 % decrease in its trade volume, which will drop below $ 500 billion for the first time since October 2024.
- Gate.io proceeds dramatically and takes second place, with a growth of 14.4 % in April.
- Bitget is experiencing a weather output, doubles its market share and reaches third position.
- Despite the general decrease in the performance of Gate.io and Bitget emphasizes the ordering of the order set out on the market.
Turned stage: towards the new order between CEX?
Binance retains its world issue status one with a market share of 38 % in April 2025. However, this number hides more nuances reality:
- The volume of the platform of the platform dropped to $ 482.6 billion, which recorded a decrease of -18 % compared to March;
- It is the first time since October 2024 that Binance has passed below the symbolic threshold of 500 billion.
In parallel, Gate.io has increased by 9 % in a second, by 15.4 % per month and a total of $ 113.7 billion.
Coingecko determines it “Gate.io was the only exchange platform that recorded two -digitative growth”. Now is before Crypto.com, which has been constantly backing up since February.
This shock from the top of the ranking is complemented by Bitget output, now the third with $ 92 billion and a market share of 7.2 %. Bitget began a year with only 4.6 % of the share, but its regular increase allowed him to double historical competitors.
Note that the concentration remains strong. Classified exchanges from second to tenth place are held in the range of 5 % to 9 % of the market share. In other words, the market is fragmented, but some actors remain well identified.
Global Dynamics Under Tension in the First Q1
Looking at April, the first quarter of 2025 show a more worrying trend: massive volume contractions on all major stock exchanges.
Coingecko determines it “Nine out of the first ten scholarships noted their volumes of transactions declining in the first quarter of 2025”with eight of them who record two ongoing drops. Despite its first, binance recorded that its quarterly volumes fell by -15.7 %, was $ 2 trillion, of a total of 5.4 trillion for TOP 10. The most serious case is the case of upbits whose volumes have melted by -34 %.
This extensive decline is a reflection of the decline in liquidity and engagement on spot markets, despite the more favorable macro context with the renewal of the market crypto. The contrast between monthly growths (Gate.io, Bitget) and quarterly regression indicates increased volatility and opportunistic volume movements. In addition, Congecko recalls that Bitget was only a ninth platform in the first quarter, albeit third in April, evidence of a very recent climb.
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A graduate of the Toulouse and the Blockchain Consultant Certification certification holder and I joined the adventure of Cointribuna in 2019. I convinced of the potential of blockchain to transform many economy sectors, committing to raising awareness and informing the general public about how the ecosysty developed. My goal is to allow everyone to better understand blockchain and take the opportunity they offer. I try to provide an objective analysis of messages every day, decrypt trends on the market, hand over the latest technological innovations and introduce the economic and social issues of this revolution.
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.