Centralized exchanges (CEXs) experienced a significant resurgence in the third quarter of 2025, with spot trading volumes reaching $4.7 trillion, marking a 30% increase from the previous quarter and breaking a two-quarter decline. This rebound was largely driven by Bitcoin's price rally, which saw it surpass $123,000 in August, fueling key trading activities and renewed institutional interest.
Binance led the market with a 43% share of spot volume, while other platforms like MEXC and Bybit each held approximately 9%. Institutional inflows spiked amid clearer regulatory frameworks, with analysts noting a shift in capital back to centralized venues due to increased operational trust and confidence. "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," stated an analyst at TokenInsight.
Derivatives trading also surged, with volumes estimated at $26 trillion, up nearly 29% quarter-over-quarter, highlighting the dominance of perpetual contracts and leveraged products. The recovery mirrors patterns from the 2021 bull run, emphasizing CEXs' liquidity advantages during volatile periods. Market observers anticipate continued institutional engagement and a busy final quarter, with potential policy shifts and renewed volatility across major cryptocurrencies.
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