The burgeoning role of centralized exchanges (CEXs) in the global cryptocurrency market is drawing attention, as a recent CoinGecko report reveals these platforms are pivotal for liquidity in the sector. In 2025 alone, the foremost dozen CEXs facilitated a staggering total spot trading volume of approximately $21 trillion. This highlights the significance of centralized systems in fueling market activities.
What keeps the crypto market steady?
Stablecoins serve as the market’s primary foundation, according to the report. Of the 9,870 stablecoin pairs across the top 12 exchanges, an overwhelming 97.7% feature USDT and USDC. These stablecoins account for 66.6% as the base asset in all trading pairs. In contrast, non-stablecoin pairs, though they constitute 31.9% of the total, command a far smaller portion of trading volumes.
How do new tokens fare?
The introduction of new tokens has been lackluster in performance, underscoring challenges for traders. The data shows a mere 32% of new token listings experience price appreciation right after being listed on major exchanges. This modest success dwindles to 25% within the first month, with less than 10% of newly listed tokens retaining their value over their initial price after a year.
“Upbit distinguishes itself with 67% of its initial token offerings performing positively, but the trend doesn’t persist; even these assets depreciate quickly,” the report notes.
Healthy growth in exchange reserves continued robustly over recent years. Notably, by February 2026, the reserve magnitude of leading CEXs rose 69.6%, from $152.1 billion to $225.4 billion. Binance notably expanded its reserves to $93.4 billion, marking a significant increase. Meanwhile, Coinbase remains the top holder of Bitcoin reserves.
Significant capital movements were also detected towards smaller exchanges such as Bitget and MEXC, which saw astonishing reserve growth rates of 262% and 274.6%, respectively. This trend indicates a growing preference for platforms catering to retail traders rather than institutional ones.
Exchange reserve utilization varies significantly by platform size and type. Leading names like Coinbase and Binance show lower turnover ratios around 0.1, suggesting they primarily serve as custodians. In contrast, retail-focused exchanges like Bybit and Bitget display higher ratios, between 0.3 and 0.5, indicating more active trading.
“Platforms serving retail markets, such as MEXC and KuCoin, exhibit turnover ratios between 1.44 and 2.04, a stark contrast to more traditional exchanges,” the report highlights.
The persistent growth of centralized exchanges coupled with shifting user behaviors and capital reallocations suggests a dynamically evolving market landscape. Stablecoins continue their stronghold, fresh tokens offer limited immediate profits, and the shift towards agile retail-focused platforms is becoming more pronounced.
