儘管在2025年第1季度市場挑戰，但Binance仍然是加密交易所的最高交流

TokeninSight Q1 2025交易所報告詳細介紹了交易所的市場份額約為36.5％。這是一個很小的減少

Binance remained the top crypto exchange in Q1 2025 and recorded around $8.39 trillion in volumes traded despite the challenges faced in the markets.

儘管市場面臨挑戰，但Binance仍然是2025年第1季度的最高加密交易所，並以8.39萬億美元的價格進行了交易。

TokenInsight Q1 2025 Exchange Report details the exchange’s market share to be approximately 36.5%. It is a small reduction from 37.89% in the previous quarter but significantly larger than its nearest rivals.

TokeninSight Q1 2025交易所報告詳細介紹了交易所的市場份額約為36.5％。從上一季度的37.89％降低，但比其最近的競爭對手大得多。

The report indicates that trading in cryptocurrencies is declining. The top 10 exchanges combined had a total of $23 trillion. This is a decline of 12.53% from Q4 2024.

該報告表明，加密貨幣的交易正在下降。前10個交流總計為23萬億美元。這是第四季度2024年下降12.53％。

While Binance continued to lead in Q1 2025 with 36.5% market share, four platforms rose during this time of overall market decline. Gate recorded the largest market share increase based on TokenInsight data, followed by MEXC, HTX, and Coinbase.

儘管Binance在2025年第1季度繼續領先，而市場份額為36.5％，但在整體市場下降的這段時間裡，四個平台上升。 Gate根據TokenInsight數據記錄了最大的市場份額，其次是MEXC，HTX和Coinbase。

The market share change chart indicates that Binance dropped by 1.39% from its Q4 2024 level of 37.89%. OKX retained the second position with 13.26% of the market (down 0.13%), and Bybit came third at 13.06% (down 0.89%). Combined, the three giant exchanges represented nearly 63% of total cryptocurrency trading volume.

市場份額變化圖表明，二ance量從其第四季度2024年的37.89％下降了1.39％。 OKX以13.26％的市場（下降0.13％）保留了第二個職位，而Bybit以13.06％的成績排名第三（下跌0.89％）。總之，這三個巨型交易所佔總加密貨幣交易量的近63％。

Gate performed greatly with its market share rising from 3.34% to 5.41% (2.07% rise). MEXC rose by 0.59% to 13.06%, and it is now neck-and-neck with Bybit for the third position. HTX rose by 0.29% to capture 2.12% of the market, and Coinbase rose slightly by 0.03%, increasing its share to 1.65%.

Gate的市場份額從3.34％上升到5.41％（增長2.07％）。 MEXC上升了0.59％，達到13.06％，現在與Bybit的脖子和頸上升至第三位。 HTX增長了0.29％，佔據了2.12％的市場，Coinbase略有上漲0.03％，將其份額增加到1.65％。

Bitget fell by 0.44% to 11.33%, BingX fell by 0.06% to 2.37%, and KuCoin fell by 0.10% to 1.24%. These market share fluctuations were contrary to the shrinking overall market since the total market capitalization of the cryptocurrencies decreased from approximately $3.5 trillion in Q4 2024 to approximately $2.7 trillion during the last weeks of Q1 2025.

Bitget下降了0.44％，至11.33％，Bingx下跌了0.06％，至2.37％，Kucoin下跌了0.10％，至1.24％。由於加密貨幣的總市值從第4季度2024年的大約3.5萬億美元減少到第1季度2025年第1季度2025年的最後幾週，這些市場份額波動與整體市場的萎縮相反。

Q1 2025 saw a decline in crypto trading activity

Q1 2025的加密交易活動有所下降

In the first quarter of 2025, trading volumes fell in spot and derivatives markets.

在2025年第一季度，交易量下降了現場和衍生品市場。

Data from TokenInsight shows that total spot trading volume on exchanges was around $4.6 trillion in the first quarter of 2025. This is a fall of 13.1% from the $5.3 trillion reported in the last quarter. Average daily spot trading also fell from $58 billion in the last three months of 2024 to $51 billion in the first quarter.

TokenInsight的數據顯示，在2025年第一季度，交易所的總現貨交易量約為46萬億美元。這比上一季度報導的5.3萬億美元下降了13.1％。平均每日現貨交易也從2024年的最後三個月的580億美元下降到第一季度的510億美元。

Derivatives trading was at $21.0 trillion in Q1 2025, down 9.9% from $23.0 trillion in the previous quarter Q4 2024. The daily average derivatives trading volume in Q1 was at $233 billion, down from the previous quarter’s $253 billion, as investors became more risk-off.

衍生品交易在2025年第1季度為21.0萬億美元，上一季度第二季度的23.0萬億美元下降了9.9％。隨著投資者的增加，每日平均衍生品交易量的每日平均平均衍生品交易量與上一季度的2330億美元下降了2330億美元，比上一季度的2.23億美元下降。

A brief spike in trading volume occurred in January which coincided with Donald Trump’s inauguration as the 47th President of the United States. However, this temporary surge was insufficient to offset the overall downward trend throughout the quarter.

一月份發生了短暫的交易量，這與唐納德·特朗普（Donald Trump）擔任美國第47任總統的就職典禮相吻合。但是，這種暫時的激增不足以抵消整個季度的整體下降趨勢。

HTX recorded the largest increase in spot share, up 4.98%, followed by MEXC, Bitget, and Bybit. Binance showed the lowest volatility in the proportion between these two trading types.

HTX的現貨份額增長最大，增長了4.98％，其次是MEXC，BITGET和BYBIT。 Binance在這兩種交易類型之間的比例中顯示出最低的波動率。

The report notes that traders continued to favor high-frequency derivatives trading as a strategy to hedge risks amid market uncertainty and leverage profit opportunities.

該報告指出，貿易商繼續贊成高頻衍生品交易，作為在市場不確定性和利用利潤機會的情況下冒著對沖風險的戰略。

Open interest and exchange token performance

開放興趣和交換令牌性能

Open interest, one of the most important indicators used to gauge market activity and trader positions, registered changes in Q1 2025. Binance took the top spot with a mean open interest market share of 23.53%. This was a decline of 4.34% from 27.87% in Q4 2024.

開放興趣是用於衡量市場活動和交易員職位的最重要的指標之一，它在第1季度的第1季度進行了變化。 binance以平均開放興趣市場份額為23.53％。這是第四季度2024年的27.87％下降4.34％。

Gate experienced a dramatic increase in open interest market share, which increased by 9.06% from 4.62% to 13.68%. Its market share growth was paralleled by its rise in total trading volume share. Bybit, on the other hand, saw its open interest market share fall from 19.83% in Q4 2024 to 15.54%, with OKX closely trailing behind.

Gate經歷了開放興趣市場份額的急劇增長，從4.62％增加到9.06％，增至13.68％。它的市場份額增長與總交易量份額的增加相似。另一方面，拜比特（Bybit）的開放興趣市場份額從第四季度的19.83％下降至15.54％，OKX緊密落後。

Exchange

交換