According to CoinGecko, Bybit had the second-highest trading volume among crypto exchanges last year and has made a “slow but steady comeback” after suffering a $1.5 billion hack in February 2025.
CoinGecko research analyst Sean Paul Lee said in a report on Thursday that Bybit’s trading volume will reach a total of $1.5 trillion in 2025, and its market share will reach 8.1% annually.
“Bybit returned to the top despite suffering a massive hack in February,” it said, adding that it “slowly regained its dominance throughout 2025.”
The Bybit attack was the largest crypto hack in history, with North Korean attackers stealing $1.5 billion worth of Ether (ETH) by exploiting vulnerabilities in the exchange’s cold wallet infrastructure.
Bybit’s recorded trading volume was $1.5 trillion throughout 2025. source: CoinGecko
Immunefi CEO Mitchell Amador told Cointelegraph earlier this month that nearly 80% of hacked projects never fully recover due to ongoing operations and a breakdown in trust.
Bybit has chosen measures such as keeping withdrawals open and honoring all users’ transactions. CEO Ben Zhou also appeared on camera to address concerns, assuring users that the exchange has enough funds to cover all funds and plans to secure immediate liquidity through external support.
Most exchanges will increase trading volume in 2025
According to a report by CoinGecko, six of the top 10 exchanges by market share will increase their trading volume in 2025, with trading volume increasing by an average of 7.6% annually, resulting in $1.3 trillion in additional trades.
Four of the 10 exchanges recorded double-digit growth in trading volume, with MEXC becoming the fastest growing exchange this year with trading volume increasing 91% to $1.5 trillion from $766.7 billion in 2024.
“MEXC continued its aggressive zero-fee policy across all spot trading pairs, attracting high-frequency traders and individual users, and increasing trading volumes,” Lee said.
Despite the year-end delay, 2025 was a bumper year for crypto prices, with Bitcoin (BTC) and other coins hitting multiple all-time highs.
Binance maintains its top position
Binance remains the market leader among crypto exchanges, and CoinGecko estimates that Binance’s trading volume has reached $7.3 trillion.
However, there was no increase in annual trading volume compared to 2024, and trading volume decreased by 0.5% year-on-year.
“The low trading volume can be attributed to the overall bearish sentiment in the crypto market following the historic liquidation event on October 10th,” said Sean Paul Lee.
In an open letter last December, Richard Teng and Yi He, co-CEOs of both exchanges, announced that Binance’s user base exceeded 300 million people, and the total trading volume across all products reached $34 trillion that year.
