In the second quarter of 2025, decentralized exchanges (DEX) set a record trading volume ratio to centralized exchanges (CEX), reaching a figure of 0.23. According to CoinGecko, the total trading volume on DEX exceeded $876 billion, which is 25.3% higher compared to the previous quarter. Meanwhile, CEX experienced a 27.7% decline on a quarterly basis, reducing their volumes to $3.9 trillion.
This is reported by Finway
Leading Players and Market Trends
In the spot trading segment of decentralized platforms, PancakeSwap emerged as the largest player. The platform managed to surpass the Ethereum and Solana blockchains thanks to its integration with Binance Alpha, resulting in a trading volume increase of 539.2% – reaching $392.6 billion.
In the derivatives sector, DEX positions also strengthened. The Hyperliquid platform took control of 72.7% of the derivatives market, with a quarterly trading volume of $653.2 billion. This allowed Hyperliquid to rank eighth among the largest global derivatives exchanges, both decentralized and centralized.
The trading volume dynamics favoring DEX indicate an increasing interest from traders in decentralized platforms, which offer greater flexibility, transparency, and control over funds. In May 2025, the share of DEX in the global spot trading market reached a record 25% compared to CEX.
Growth of the Cryptocurrency Market and Key Events
The total market capitalization of the cryptocurrency market in Q2 2025 increased by 24% to $3.5 trillion, recovering $663.6 billion after a decline in the first quarter. Bitcoin was in the spotlight, surpassing the $100,000 mark and setting a historical high. Its market share rose to 62.1%, while most altcoins, including Ethereum, did not return to their initial yearly figures.
“Although Ethereum rose from $1805 to $2488 in Q2, it still remained below the January level of $3337,” analysts noted.
Despite the decrease in overall trading volume for Ethereum, the number of transactions on this network increased, and the average gas price fell to 3.5 Gwei. On July 16, 2025, spot Ethereum ETFs recorded a record daily inflow of investments totaling $726.74 million, while the asset price exceeded $3400. By the end of the quarter, Ethereum ranked 26th in the global asset capitalization rankings.
The successful IPO of Circle was also noted, which was oversubscribed by 25 times, and the stock price rose by 864.5% to a peak of $299. This success prompted other crypto companies, including Kraken, Gemini, and Grayscale, to prepare for their own public offerings.
