What will the exchange market look like in 2025? Just look at the data.

In the past two years, whether it’s spot or futures trading, the overall activity level of exchanges has remained at a historic high. Looking at the candlestick charts, you can see that this trend is almost completely synchronized with Bitcoin’s price surge—when the coin price rises, trading enthusiasm also skyrockets.

Specifically, among various exchanges, a leading exchange still maintains an absolute advantage. Its spot trading volume and futures trading volume both account for over 40% of the total market, and this gap is quite obvious. From the data, it appears that the dominant position of top exchanges is unlikely to be shaken in the short term.

In comparison, market concentration remains very high. Major exchanges have taken a big slice of the cake, while small and medium exchanges are also growing, but still lag in size. This also reflects that users tend to prefer larger platforms with deeper liquidity, more trading pairs, and lower risks when choosing an exchange.