Top 10 Crypto Exchanges in 2025 (So Far): Calm Before the Institutional Storm

Crypto exchanges that dominated 2025

Crypto market activity in the first half of 2025 was relatively quiet. Despite a brief rally at the start of the year, major digital assets are still trading in a range and retail investors' enthusiasm has cooled. Behind the scenes, however, momentum is building, especially in the regulatory and institutional space.

The U.S. is moving closer to a clear legislative framework for digital assets, a shift that promises to unlock new levels of capital inflows and institutional involvement. At the same time, a growing number of tech companies and financial institutions are exploring Bitcoin not only as an asset, but also as a strategic financial reserve – echoing the approach promoted by Strategic.

With many expecting trading volumes to rebound in the second half of 2025, centralised exchanges are poised to be at the heart of the next wave of crypto activity. Here are the top 10 crypto exchanges so far in 2025, based on a mix of...

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