Binance continues to dominate the market for newly listed tokens in 2025, securing a commanding lead in spot trading volume, according to the latest analysis from CryptoQuant’s Crypto Dashboard.
The exchange has captured both scale and liquidity, reinforcing its role as the preferred venue for traders seeking early access to fresh listings, according to analysts at CryptoQuant.
Binance Maintains Strong Lead
So far this year, Binance has facilitated a cumulative $133 billion in trading volume for new token listings. Its daily activity has peaked at around $1.1 billion per day over the past month, underlining both its liquidity depth and user engagement.
CryptoQuant reports that, in terms of market share, Binance accounts for 34% of spot trading volume for these assets in 2025, with $308 million in daily trading volume recorded most recently. The platform hit a high of 54% market share on July 10, with nearly $948 million in daily trading.
The data shows Binance’s continued ability to attract both retail and institutional flows for fresh listings, a trend that cements its competitive edge over rivals.
Competition Heats Up
While Binance leads the field, other major exchanges are also showing strong momentum. HTX (formerly Huobi) has handled $38 billion in new token volume this year, while Bybit and MEXC closely follow with $35 billion and $34 billion, respectively.
This reflects a diversified appetite among traders, with multiple platforms competing aggressively to capture early-stage liquidity in emerging tokens.
On a daily basis, HTX and MEXC have carved out strong positions, accounting for 22% and 15% of volume, respectively, according to the dashboard. These figures show the shifting competitive dynamics, as smaller exchanges increasingly push into the listings market to attract active traders.
Scope of the Analysis
CryptoQuant’s analysis focused on exchanges with relatively high listing activity in 2025, especially those that introduced between 19 and 31 new tokens this year.
This group includes a wide range of speculative and niche assets such as BIO, AIXBT, CGPT, COOKIE, SOLV, TRUMP, BERA, 1000CHEEMS, LAYER, KAITO, SHELL, GPS, BMT, NIL, PARTI, MUBARAK, BROCCOLI714, TUT, BANANAS31, GUN, BABY, ONDO, BIGTIME, VIRTUAL, KERNEL, WCT, HYPER, INIT, SIGN, STO, SYRUP, and KMNO.
The inclusion of meme-driven and thematic tokens reflects the continued appetite for diverse projects among retail traders, while also showing the risks associated with such high-velocity markets.
Market Outlook
The findings show how Binance’s first-mover advantage and scale continue to set the pace for new token trading. Yet, the rising presence of HTX, Bybit, and MEXC shows an increasingly competitive market in 2025.
With more tokens coming to market and demand for liquidity spreading across multiple venues, exchanges are likely to intensify their efforts to secure listings and attract users.
For traders, the data illustrates the concentration of liquidity on a handful of platforms, with Binance still firmly in the lead—but no longer unchallenged.
Binance’s Grip Tightens
In July, a midyear report from CryptoQuant revealed that Binance emerged as the clear market leader across multiple exchange metrics in the first half of 2025.
While Coinbase maintains a strong institutional presence, and competitors like OKX, Bybit, and Bitget continue to capture derivatives users, Binance’s dominance spans both retail and institutional user bases.
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