Bybit recorded the second-highest trading volumes among cryptocurrency exchanges in 2025, staging what CoinGecko described as a “slow but steady comeback” following a $1.5 billion hack in February.
The exchange processed $1.5 trillion in trading volume over the year, capturing an 8.1% share of the global crypto market, according to a report published Thursday by CoinGecko research analyst Shaun Paul Lee.
“Despite the major hack Bybit suffered in February, it has clawed its way back to the top,” Lee said, adding that the platform “slowly regained its dominance throughout 2025.”
The February attack—now considered the largest crypto hack on record—was attributed to North Korean hackers who exploited a vulnerability in Bybit’s cold wallet infrastructure, stealing approximately $1.5 billion worth of Ether.
Immunefi CEO Mitchell Amador told Cointelegraph earlier this month that nearly 80% of projects hit by a hack fail to fully recover, often due to operational breakdowns and a loss of user trust during the response phase.
Bybit took a different approach, keeping withdrawals open and honoring all user transactions. CEO Ben Zhou also addressed users directly in a video statement, assuring them the exchange had sufficient reserves to cover all losses and would secure immediate liquidity through external partners if needed.
Most exchanges saw volumes rise in 2025
According to CoinGecko, six of the top 10 crypto exchanges by market share recorded higher trading volumes in 2025. On average, volumes rose 7.6% across the group, adding roughly $1.3 trillion in additional trades over the year.
Four of the 10 exchanges posted double-digit growth, led by MEXC, which emerged as the fastest-growing platform. MEXC’s trading volume surged 91% year over year to $1.5 trillion, up from $766.7 billion in 2024.
“MEXC maintained an aggressive zero-fee policy across all spot trading pairs, attracting both high-frequency traders and retail users and driving trading activity,” CoinGecko analyst Shaun Paul Lee said.
Despite a slowdown toward the end of the year, 2025 proved to be a strong year for crypto markets overall, with Bitcoin and several other cryptocurrencies posting multiple all-time highs.
Binance retains market leadership
Binance remained the largest crypto exchange by trading volume, with CoinGecko estimating the platform processed $7.3 trillion in trades during 2025. However, its annual trading volume declined slightly, falling 0.5% compared with 2024.
Lee attributed the dip to “broader bearish sentiment following the historic liquidation event on Oct. 10.”
In a December open letter, Binance co-CEOs Richard Teng and Yi He said the exchange’s user base had surpassed 300 million and that total trading volume across all products reached $34 trillion for the year.
