After a sluggish start to the year, centralized crypto exchanges have regained momentum, posting one of their strongest quarters since 2021.
Data from TokenInsight’s latest market report shows that total spot trading on major exchanges jumped sharply in the third quarter, breaking a two-quarter losing streak and signaling renewed investor appetite for digital assets.
Crypto Trading Reawakens
Following months of subdued activity, trading floors on top centralized exchanges (CEXs) saw a revival that coincided with Bitcoin’s climb to record highs above $123,000 in August. The top ten exchanges handled a combined $4.7 trillion in spot trading between July and September – a 30% increase over the previous quarter.
#TokenInsight Research: Crypto Exchange Report – Q3 2025
In Q3 2025, the crypto market showed steady signs of recovery, driven by renewed investor confidence and stronger capital inflows. Major exchanges also demonstrated resilience and adaptability. How did these exchanges…— TokenInsight (@TokenInsight) October 24, 2025
Analysts say the turnaround reflects both optimism over easing regulatory pressure and the return of institutional capital to crypto markets. “We’re seeing clear signs of revived confidence,” TokenInsight wrote, noting that activity surged across nearly all major platforms as traders positioned for higher volatility.
Derivatives Continue to Outpace Spot Markets
Even with the renewed interest in spot trading, the bulk of market activity continues to come from derivatives, which remain the dominant force on CEXs. Total derivatives volume rose to an estimated $26 trillion, up nearly 29% quarter-over-quarter.
These figures highlight how professional traders increasingly favor perpetual futures and leveraged products to hedge or amplify exposure. For retail investors, spot markets may have regained some appeal, but derivatives remain the arena where the majority of liquidity resides.
Binance Still Rules the Game
No exchange came close to challenging Binance’s dominance. The global trading giant captured around 43% of all spot volume, maintaining its reputation as the go-to venue for high liquidity and competitive spreads.
Rivals such as MEXC and Bybit each held roughly 9% of the market, while smaller exchanges like Gate, KuCoin, and BingX managed modest but notable growth, according to the report.
On the derivatives side, Binance strengthened its lead further, commanding 31.3% of global trading share in September. OKX and Bybit rounded out the top three but saw their shares shrink slightly amid increased competition and fluctuating liquidity.
Shifting Market Dynamics
The report describes the current stage of exchange competition as one of “structural transformation.” Large platforms continue to dominate, but new players are emerging with innovative trading interfaces, regional expansions, and incentives for retail and institutional users alike.
While decentralized exchanges (DEXs) continue to capture headlines, the rebound in CEX activity underlines that centralized venues remain the heartbeat of the crypto trading ecosystem – especially during bullish phases when liquidity and speed matter most.
The rebound also sets the stage for a busy final quarter, as traders look ahead to potential policy shifts, institutional inflows, and renewed volatility across Bitcoin, Ether, and leading altcoins. If the current trend continues, 2025 could close out as one of the most active trading years in recent crypto history.
