尽管在2025年第1季度市场挑战，但Binance仍然是加密交易所的最高交流

TokeninSight Q1 2025交易所报告详细介绍了交易所的市场份额约为36.5％。这是一个很小的减少

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.

尽管市场面临挑战，但Binance仍然是2025年第1季度的最高加密交易所，并以8.39万亿美元的价格进行了交易。

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交易所报告详细介绍了交易所的市场份额约为36.5％。从上一季度的37.89％降低，但比其最近的竞争对手大得多。

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.

该报告表明，加密货币的交易正在下降。前10个交流总计为23万亿美元。这是第四季度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.

尽管Binance在2025年第1季度继续领先，而市场份额为36.5％，但在整体市场下降的这段时间里，四个平台上升。 Gate根据TokenInsight数据记录了最大的市场份额，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.

市场份额变化图表明，二ance量从其第四季度2024年的37.89％下降了1.39％。 OKX以13.26％的市场（下降0.13％）保留了第二个职位，而Bybit以13.06％的成绩排名第三（下跌0.89％）。总之，这三个巨型交易所占总加密货币交易量的近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的市场份额从3.34％上升到5.41％（增长2.07％）。 MEXC上升了0.59％，达到13.06％，现在与Bybit的脖子和颈上升至第三位。 HTX增长了0.29％，占据了2.12％的市场，Coinbase略有上涨0.03％，将其份额增加到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％。由于加密货币的总市值从第4季度2024年的大约3.5万亿美元减少到第1季度2025年第1季度2025年的最后几周，这些市场份额波动与整体市场的萎缩相反。

Q1 2025 saw a decline in crypto trading activity

Q1 2025的加密交易活动有所下降

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

在2025年第一季度，交易量下降了现场和衍生品市场。

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的数据显示，在2025年第一季度，交易所的总现货交易量约为46万亿美元。这比上一季度报道的5.3万亿美元下降了13.1％。平均每日现货交易也从2024年的最后三个月的580亿美元下降到第一季度的510亿美元。

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季度为21.0万亿美元，上一季度第二季度的23.0万亿美元下降了9.9％。随着投资者的增加，每日平均衍生品交易量的每日平均平均衍生品交易量与上一季度的2330亿美元下降了2330亿美元，比上一季度的2.23亿美元下降。

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.

一月份发生了短暂的交易量，这与唐纳德·特朗普（Donald Trump）担任美国第47任总统的就职典礼相吻合。但是，这种暂时的激增不足以抵消整个季度的整体下降趋势。

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的现货份额增长最大，增长了4.98％，其次是MEXC，BITGET和BYBIT。 Binance在这两种交易类型之间的比例中显示出最低的波动率。

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.

该报告指出，贸易商继续赞成高频衍生品交易，作为在市场不确定性和利用利润机会的情况下冒着对冲风险的战略。

Open interest and exchange token performance

开放兴趣和交换令牌性能

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.

开放兴趣是用于衡量市场活动和交易员职位的最重要的指标之一，它在第1季度的第1季度进行了变化。binance以平均开放兴趣市场份额为23.53％。这是第四季度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经历了开放兴趣市场份额的急剧增长，从4.62％增加到9.06％，增至13.68％。它的市场份额增长与总交易量份额的增加相似。另一方面，拜比特（Bybit）的开放兴趣市场份额从第四季度的19.83％下降至15.54％，OKX紧密落后。

Exchange

交换