Market Share Drops Despite Massive Volume Surge

Coinbase’s market presence has gradually declined throughout 2025. The US-based exchange began the year holding a 7% share of the global crypto trading market, but by July, its dominance had fallen to just 5.8%.

COIN shares slumped as Coinbase failed to capitalize on positive US regulatory sentiment.

Big Volume, Shrinking Power

According to the latest report by CoinGecko, this decline positions Coinbase as the ninth-largest exchange globally. Trading volumes in July climbed to $101.7 billion, reflecting an increase from June but not enough to offset its shrinking market share.

Despite its early-year strength and the broader adoption of digital assets, the crypto exchange has struggled to maintain its leading position amid growing competition from both domestic and international exchanges, as challenges in retaining users and trading activity grow.

CoinGecko revealed that trading activity on seven of the top 10 crypto exchanges declined in Q2 2025. Six of them were found to have recorded double-digit losses. Crypto.com led the decline with over a 61% drop in volume from $560.2 billion in Q1 to $216.4 billion. Combined trading volumes across the top 10 exchanges fell by 27.7%, a $1.5 trillion decrease, which left total volumes at $3.9 trillion for the quarter.

Binance Outpaces Rivals

Binance continued to dominate centralized exchanges in July 2025, as it captured almost 40% of total spot trading volume. Its trading volume jumped 61.4% month-on-month to $698.3 billion, boosted by strong crypto market momentum and Bitcoin reaching record highs.

For Q2, Binance held a 38% market share among the top 10 exchanges and generated $1.47 trillion in trading volume. However, the exchange’s activity remained down 21.6% compared to Q1, which logged $2.0 trillion.

Meanwhile, MEXC secured the second spot among centralized exchanges for the month, as it recorded $150.4 billion in spot trading volume and an 8.6% market share. Volume surged 61.8% from June’s $93.0 billion – its second-best monthly performance after May’s $163.1 billion.

Across Q2, MEXC processed $346.2 billion in volume, up from $334.0 billion in the previous quarter. The exchange climbed from eighth place in Q1 to second by July.