US EditionTop CEXs Still Dominate Crypto Trading, but CoinGecko Sees a Shift in Reserve Flows
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6 Articles
Top CEXs Still Dominate Crypto Trading, but CoinGecko Sees a Shift in Reserve Flows
CoinGecko’s Spot CEX Report 2026 lands with a familiar message and a few uncomfortable reminders. Centralized exchanges are still the main stage for crypto trading, and they are still moving an absurd amount of money. But the way that money moves, and where it sits, is starting to look different. According to the report, the top 12 centralized exchanges processed nearly $21 trillion in spot volume in 2025 alone. That is not a sign of a fading ma…
Retail-Focused Exchanges Show Significantly Higher Trading Intensity: CoinGecko
Retail-focused exchanges use a larger share of their reserves for trading than platforms that are institution-focused. Exchanges with a stronger institutional focus, such as Coinbase, Binance, and Kraken, maintain relatively low volume-to-reserve ratios of around 0.1. This indicates that deposits are largely held rather than actively traded. Asset Utilization Diverges According to CoinGecko’s latest report, platforms that serve more retail trade…
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