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TokenInsight's latest 2025 Cryptocurrency Exchange Report presents an interesting market ranking. Based on market share statistics, the top four exchanges are a leading exchange, OKX, Bybit, and Bitget, with respective shares of 35.86%, 13.47%, 12.04%, and 10.60%.
Interestingly, the leading exchange still maintains an absolute advantage — its share is almost three times that of the second place, indicating a significant gap. However, from the data of the last three positions, the market shares of OKX, Bybit, and Bitget are narrowing, and their competitive dynamics are becoming increasingly intense.
What does this imply? On one hand, the market foundation of the top exchanges remains solid; on the other hand, the industry is moving toward diversification and increased competition. In the future, the differentiation among these platforms will become even more pronounced.