Exchange Review June 2025

In June, centralized exchanges recorded their lowest combined trading volume since October 2024, falling 22.8% to $6.48T - a stark contrast to May's record-breaking performance that saw Bitcoin reach a new all-time high of $111,960.

  • July 14, 2025
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Exchange Review June 2025

In June, centralized exchanges recorded their lowest combined trading volume since October 2024, falling 22.8% to $6.48T - a stark contrast to May's record-breaking performance that saw Bitcoin reach a new all-time high of $111,960.

  • July 14, 2025

Report Summary

  • Binance Continues to Demand Lion's Share of Market: Binance continues to dominate with 29.9% spot market share and 37.6% derivatives dominance, trading $430B in spot volume and $1.89T in derivatives during June. The exchange also holds the largest share of open interest at 20.2% ($133B total).
  • Derivatives Market Share Reaches New Multi-Year High: Derivatives market share climbed to 77.8% from 76.6% in May, representing the highest level since September 2023. This shift reflects continued institutional adoption of sophisticated trading strategies despite overall market volatility.
  • Hyperliquid Achieves New All-Time High Market Share: The on-chain derivatives platform's market share rose for the third consecutive month to 4.26% - a new all-time high. Open interest on Hyperliquid surged 24.8% to $7.43B, demonstrating the broader trend toward on-chain activity.
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