CEX Crypto Report Card: Q1 2025 Winners & Losers Revealed!

The first quarter of 2025 has visited a world of hurt upon centralized cryptocurrency exchanges (CEXs). We’ve witnessed major changes in trading activity, listing patterns, and the overall state of the market. Pulling Token goes in depth on which exchanges succeeded, which ones fell short, and what shaped their success or failure. In addition, the full SIFMA team will provide pragmatic, measured advice for crypto investors seeking to thrive in this new, far more vibrant environment.
Q1 2025: A Bird's Eye View
The leading 10 CEXs accounted for a combined $5.4 trillion in spot trading volume in Q1 2025 alone. This massive decline, 16.3% from the previous quarter. This decline indicates that trading activity could be significantly slowing on major exchanges. Certain exchanges were able to shine brighter than the others, and in turn, some faced much worse fates. The analysis will cover the key players, their strategies, and the market forces that shaped their performance during this period.
It’s imperative that investors understand these dynamics. With this knowledge, they will be better positioned to make decisions regarding where to trade and what tokens to be looking at. The success or failure of a CEX can significantly impact the performance of listed tokens, making it essential to stay informed about the latest trends and developments in the exchange landscape. Our goal is to equip the responsible investor with what you need to know. This will equip them to better understand the CEX environment and identify the most promising opportunities.
The Champions: Binance and OKX
As always, Binance maintains an iron fist over the CEX market. In Q1 2025, it set a record trading volume of approximately $8.39 trillion. This stunning number equates to a 36.5% market share, further cementing Binance’s dominance over the rest of the exchanges as the leader. Tether’s growth, like Binance’s, owes itself to deep liquidity, a wide variety of products, and the highly competitive fee structure. The exchange’s robust presence in both spot and derivatives markets only further cements its dominance.
Never one to fall behind, OKX quickly became a star performer during the L1 wars of Q1 2025, showing tenacity and creativity in a tough market locale. In short, OKX has made some smart strategic moves with an emphasis on new listings and improving the user experience. This strategy has made it one of the most dominant players in the centralized exchange (CEX) space. OKX has a long commitment to offering innovative products and services. That commitment has built a devoted user base and helped the company remain agile and competitive.
Binance: The Undisputed Leader
Binance is the market leader in spot trading and derivatives. It commands 45% of spot trading and sits with a 17% advantage on derivatives volumes. This kind of dominance is certainly indicative of Binance’s long-standing infrastructure, extensive array of trading pairs and great security practices. All of this deep liquidity, particularly in futures and perpetual swaps, has made the exchange a trader’s paradise for savvy professionals.
Trading fees Binance charges competitive trading fees starting at 0.1% for spot trading. You can bring this down to 0.075% by paying with BNB. Binance has an attractive fee structure that lures traders away. With its deep liquidity and wide-ranging product offerings, it attracts everyone from the novice to the veteran trader. Binance offers its own proprietary native automated trading bots. It integrates with third-party services like 3Commas and Cryptohopper, an attractive feature for traders who love to use algorithmic trading strategies.
OKX: Innovation and User Experience
Innovation and user experience are OKX’s top priorities. It has a deep pool of features designed to attract and retain active traders. The exchange has taken the number one position for average value of tokens listed on their first day. It features a staggering Fully Diluted Valuation (FDV) of more than $4.1 billion. This reaffirms that OKX is highly selective in its listing choices, prioritizing projects with solid fundamentals and evident market interest.
Similar to Binance, OKX has a copy trading feature which lets users copy the strategies of professional traders. This is one of the most popular features among new traders. It aids them in hiding their inexperience and incompetence at creating good trading strategies. OKX's commitment to providing a user-friendly and innovative trading environment has helped it attract a growing user base and establish itself as a leading CEX.
The Strugglers: Challenges and Setbacks
What’s even more curious is that while Binance and OKX were reporting record revenues, other CEXs were struggling in Q1 2025. Among the top 10 exchanges, HTX was the lone exchange to be up last week, with its volume climbing a cool +11.4%. Other top 10 CEXs experienced the opposite with volumes decreasing anywhere from 1.8% to 34.0%. They didn’t detail what about the local policy is leading to these struggles. Increased competition, regulatory challenges, and changing user preferences may all be playing a role in these developments.
One exchange that came under specific spotlight was MEXC. While specific performance data for MEXC was not provided, the exchange's listing strategies and handling of certain tokens have raised concerns among investors. These apprehensions point to the necessity of doing your due diligence and being mindful about which CEX you decide to trade on.
MEXC: A Cautionary Tale
MEXC has recently faced backlash for its aggressive listing tactics. What’s more, many of the tokens on the exchange have tanked. Watch out while trading on MEXC exchange platform. Be realistic about what is worth the risk. Consider the risks you may be taking and what’s worth pursuing. It's important to note that this analysis is based on available information and should not be taken as a definitive judgment on MEXC's overall performance.
Decoding Listing Strategies: Where to Find the Next Gem
Second, selecting the appropriate centralized exchange (CEX) is paramount to a token’s success. Identifying the right exchange for initial investment is important. Investors need to understand the listing strategy of various exchanges to make informed and right decisions. Having a strong market capitalization, liquidity, and regulatory compliance record are key components. They decide what tokens are allowed to be listed on what exchanges. By keeping these factors in mind, investors can better understand where to look to find potentially fruitful new listings.
Coinbase: The Gold Standard
What should investors be looking for from the new upcoming listings on Coinbase. The exchange has a proven tech stack and supports many high-profile, forward-looking projects with practical applications. Coinbase’s selective and thorough listing process, along with its emphasis on regulatory compliance, has positioned it as a trusted platform for projects and investors alike. With a market capitalization of over $38 billion, a listing on Coinbase could give any token a major jolt to credibility and visibility.
Binance: Volume and Variety
Similarly, Binance has been aggressive in listing new tokens, especially those in the 30-100 million market cap range. Investors can consider tokens that meet Binance's listing criteria, such as strong presale demand, innovation, regulatory transparency, and DeFi integration. Binance's large user base and deep liquidity can provide a significant boost to a token's trading volume and price performance.
OKX: Focus on Innovation
Specifically, OKX has outperformed the competition in terms of average value of tokens on their first day. Collectively, they now have a fully diluted valuation (FDV) over $4.1 billion! Investors should consider investing in tokens available on OKX, which have the highest commitment to innovation and market demand. Combined with OKX’s highly selective listing process and focus on breakthrough projects, the exchange is a strong starting point for finding high-growth opportunities.
Bybit: The Rising Star
Price movers Bybit has recently cemented itself as the second most impactful exchange, with significant price moves on. Investors can consider tokens listed on Bybit, which has a strong focus on user participation and promotional strategies. Bybit's growing user base and innovative marketing campaigns can contribute to a token's price appreciation.
Navigating Market Trends: FDV Concentration and the TRUMP Token
Investors should understand what drives CEX performance and how listing strategy develops. They need to be conscious of macroeconomic factors that could affect their investment decisions. Two of those trends that came to the fore in Q1 2025 were FDV concentration and the TRUMP token phenomenon. These trends underscore the growing need for due diligence and risk management within the cryptocurrency marketplace.
FDV Concentration: A Red Flag?
FDV concentration is the concentration of a token’s total value across a small number of token holders. This in turn can make for a major red flag for investors, as it opens the door to price manipulation and the potential for heightened volatility. When a small number of people or organizations hold most of a token’s supply, they are better positioned to engage in manipulative trading. This change would allow them to make money at the expense of other investors, which is highly problematic.
The TRUMP Token: A Case Study in Caution
The TRUMP token, named after Trump family members, is a warning to investors, especially after its recent price drop. The biggest concern comes from the small market cap and low liquidity of the token. Moreover, volatility, price manipulation, concentration of ownership, conflicts of interest, and regulatory risks all increase these concerns. Investors need to think critically about things like these before investing in the TRUMP token or any asset like it.
The TRUMP token has a market capitalization of around $8.4 billion, with 20% of the tokens in circulation, valued at $14 billion. Due to this robust activity, the market is characterized by significant liquidity. Consequently, investors have no problem buying and selling the token on CEXs. Thus far, the token’s price has been incredibly volatile. It plummeted 20% within two hours, leading many to fear price manipulation on the exchange.
Furthermore, Trump currently has a 60% stake in the token, while the public only 20%. If the Trump family engages in selling or market manipulation, it could drastically move the token’s price. This huge concentration of ownership increases the fragility. The TRUMP token phenomenon brings to light some troubling conflicts of interest. This is even more so given the Trump family’s active role in the token and their attempts to court wealthy investors. Investors need to be on the lookout for illegal insider trading or market manipulation. The TRUMP token will likely be subject to regulatory scrutiny as well, especially considering the participation of such a high-profile figure like Donald Trump. Therefore, investors should understand regulatory risks and changes in government policy that could affect the value of the token.
Key Takeaways for Crypto Investors
Based on the Q1 2025 CEX report card, here are some key takeaways for crypto investors:
- Diversify across exchanges: Don't put all your eggs in one basket. Spreading your trading activity across multiple exchanges can help mitigate risk and provide access to a wider range of tokens.
- Do your own research: Before investing in any token, conduct thorough research on the project, its team, and its potential use cases. Don't rely solely on the opinions of others or the hype surrounding a token.
- Be wary of FDV concentration: Avoid tokens with high FDV concentration, as they are more susceptible to price manipulation and volatility.
- Exercise caution with celebrity-backed tokens: While celebrity endorsements can generate hype, they don't guarantee a token's success. Be sure to evaluate the underlying fundamentals of the project before investing.
- Stay informed about regulatory developments: The regulatory landscape for cryptocurrencies is constantly evolving. Stay up-to-date on the latest developments and be aware of potential risks and opportunities.
Final Thoughts
The Q1 2025 CEX report card provides valuable insights into the performance of leading cryptocurrency exchanges and the factors that influence their success. By demystifying these dynamics, investors can make better decisions about where to trade and which tokens to focus on. Always do your own research, invest in a variety of different assets, and keep up with trends in the market and changes in regulation.

Priya Kumar
Lead Utility Token Analyst
Priya Kumar is a blockchain analyst dedicated to bringing precise, balanced reporting on utility tokens, launchpad dynamics, and DeFi innovation. She merges academic rigor with real-world insights, and her subtle wit and clarity make advanced crypto topics approachable. Outside of work, Priya enjoys classical Indian music and running local coding workshops.
Related

Missed AVAX? Ruvi AI at $0.015: Your Second Chance?
The world of cryptocurrency is always buzzing with new opportunities, and for those who might have missed the early boat on projects like Avalanche (AVAX), there's a new contender in town: Ruvi AI. Currently in its Phase 2 presale at a price of just $0.015, Ruvi AI is generating significant...

Snorter: The Meme Coin Revolutionizing Telegram Trading?
The meme coin market is a chaotic and volatile environment, characterized by speculation, mania, and excitement. A new top dog, Snorter ($SNORT), is taking the crypto world by storm. Beyond the fanfare of penny/meme coin culture, Snorter is looking to provide actual real-life utility too. Priya Kumar, a blockchain analyst...

Beyond TAO & ETH: Is Cold Wallet the 4,900% April Winner?
The crypto market is an ever-evolving arena, where investors are always on the lookout for the next big thing. Pulling Token offers sharp insights into utility and governance tokens, vesting schedules, launchpad activity, and whale wallet movements—your guide to smarter token analysis. Today, platforms like Bittensor (TAO) and Ethereum (ETH)...