Bybit saw the second-highest trading volumes among crypto exchanges last year, making a “slow but steady comeback” after suffering a $1.5 billion hack in February 2025, says CoinGecko. Bybit‘s trading volume reached $1.5 trillion in total during 2025, and its share of the market reached 8.1% for the year, CoinGecko research analyst Shaun Paul Lee said in a report on Thursday. “Despite the major hack Bybit suffered in February, it has clawed its way back to the top,” and has “slowly gained back its dominance throughout 2025,” he added. The attack on Bybit is the largest crypto hack ever, and was carried out by North Korean attackers exploiting a vulnerability in the exchange’s cold wallet infrastructure to make off with $1.5 billion worth of Ether (ETH).
Immunefi CEO Mitchell Amador told Cointelegraph earlier this month that nearly 80% of projects that suffer from a hack never fully recover because of the breakdown in operations and trust during the response. Bybit opted for measures like keeping withdrawals open and honoring all user transactions. Its CEO, Ben Zhou, also appeared on camera to address concerns, assuring users that the exchange had sufficient funds to cover all funds and planned to secure immediate liquidity through external support. Most exchanges saw volume climb in 2025.
CoinGecko’s report said six out of the top 10 exchanges by market share saw their trading volumes climb in 2025, with trading volumes increasing by 7.6% on average over the year for $1.3 trillion in extra trades. Four out of 10 exchanges saw double-digit percentage increases in volumes, with MEXC leading as the fastest-growing exchange for the year, with its trading volumes jumping 91% to $1.5 trillion in trading volume, up from $766.7 billion in 2024. “MEXC continued its aggressive zero-fee policy across all spot trading pairs, attracting high-frequency traders and retail users, and boosting trading volume,” Lee said. Despite a slow end to the year, 2025 was a bumper year for crypto prices, with Bitcoin (BTC) and other coins recording multiple all-time highs.
Binance was still the market leader among crypto exchanges, with CoinGecko estimating it saw $7.3 trillion in trading volume. However, it didn’t register an increase in annual trading volume compared to 2024, with its volume falling by 0.5% year-on-year. The slump in trading volume can be attributed to the general bearish sentiment in the crypto market after the historical liquidation event on Oct. 10, according to Shaun Paul Lee. In a December open letter last year, the exchanges’ co-CEOs, Richard Teng and Yi He, announced the Binance user base had climbed to over 300 million, and the total trading volumes across all products for the year was $34 trillion.
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