Data shows the exchange processed about $1.5 trillion in trades and captured 8.1% of the market, helped by crisis management measures that preserved user trust. The overall exchange landscape also improved, with most major platforms posting higher volumes, led by impressive growth at MEXC.
Bybit Regains Market Share
Bybit emerged as one of the strongest comeback stories in the crypto exchange sector in 2025 by ranking second globally by trading volume despite suffering the largest hack in the industry’s history earlier in the year. According to data that was published by CoinGecko, the exchange processed roughly $1.5 trillion in total trading volume over the course of 2025, capturing about 8.1% of the global market.
CoinGecko research analyst Shaun Paul Lee described the recovery as “slow but steady,” as Bybit gradually regained market share throughout the year after the February breach.
Centralized exchanges volume for 2025 (Source: CoinGecko)
The February 2025 attack resulted in the loss of approximately $1.5 billion worth of Ethereum, and was attributed to North Korean-linked hackers who exploited a vulnerability in Bybit’s cold wallet infrastructure. The scale of the incident made it the largest crypto hack on record.
Data suggests that most exchanges never fully recover from events of this magnitude. Earlier this month, Immunefi CEO Mitchell Amador said nearly 80% of hacked projects fail to regain user trust or operational stability. Bybit, however, took a very different approach during the crisis by keeping withdrawals open, honoring all user transactions, and communicating publicly throughout the incident. CEO Ben Zhou appeared on camera to reassure users that the exchange was still solvent and secured external liquidity to cover losses.
CoinGecko’s overall exchange report showed that 2025 was generally a positive year for centralized crypto trading. Six of the top ten exchanges increased their annual trading volumes, with overall volumes rising an average of 7.6% across the group, translating to roughly $1.3 trillion in additional trades.
(Source: CoinGecko)
Four exchanges posted double-digit growth rates, led by MEXC, which recorded the fastest expansion. MEXC’s trading volume surged 91% year-over-year to approximately $1.5 trillion, up from $766.7 billion in 2024, largely driven by its aggressive zero-fee spot trading policy.
Despite strong growth elsewhere, Binance kept its position as the world’s largest crypto exchange by volume. CoinGecko estimated Binance processed $7.3 trillion in trades during 2025, though this was a slight 0.5% decline compared to the previous year.
