Coinbase Market Share: Volume Growth Can’t Offset Losses
Coinbase market share has experienced a significant decline in 2025, despite an increase in trading volumes. The US-based crypto exchange started the year with a 7% share of the global cryptocurrency trading market. By July, however, Coinbase’s market share had decreased to just 5.8%, marking a notable 17% drop within seven months.
According to a recent report by CoinGecko, Coinbase now ranks as the ninth-largest crypto exchange globally. In July, trading volumes on Coinbase rose to $101.7 billion, up from June. However, this increase was insufficient to halt its diminishing influence in the evolving crypto landscape.
Despite favorable regulatory sentiment in the US and growing interest in digital assets, Coinbase has struggled to maintain its foothold. Intensifying competition from both US-based and international exchanges has contributed to challenges in retaining active users and sustaining high trading activity.
Industry-Wide Declines Affect Most Major Exchanges
The CoinGecko report highlighted that seven of the top 10 cryptocurrency exchanges saw trading activity decline in Q2 2025. Six of these exchanges reported double-digit volume losses. For example, Crypto.com experienced a dramatic 61% drop in trading volume, decreasing from $560.2 billion in Q1 to $216.4 billion in Q2. Overall, combined trading volumes among the top 10 exchanges dropped by 27.7%, a reduction of $1.5 trillion, resulting in total volumes of $3.9 trillion for the quarter.
Binance Extends Its Lead in Trading Volume
Binance continued to dominate the sector, capturing nearly 40% of all spot trading volume in July 2025. The exchange’s trading volume surged by 61.4% month-over-month, reaching $698.3 billion. This growth was driven by robust crypto market momentum and Bitcoin’s record-breaking prices. Binance held a 38% market share among the top 10 exchanges for Q2, generating $1.47 trillion in trading volume, though this was still 21.6% lower than its Q1 total.
MEXC also gained ground, claiming the second-largest share among centralized exchanges for July with $150.4 billion in spot trading volume and an 8.6% market share. This represented a 61.8% jump from June, making it MEXC’s second-strongest monthly performance of the year. MEXC’s quarterly volume rose to $346.2 billion, up from $334.0 billion previously, and the platform rose from eighth to second place among leading exchanges by July.
What Lies Ahead for Coinbase Market Share?
With the crypto market becoming more competitive, Coinbase faces mounting pressure to innovate and retain its users. As Binance and others capture greater shares, Coinbase market share may continue its downward trend unless strategic changes are introduced. For more insights on the evolving digital asset exchange landscape, visit CoinGecko’s research section.
