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According to CryptoQuant's latest 2025 market data, the concentration gap among major CEXs is far steeper than commonly assumed.
Spot trading volume reached nearly $7T, with one dominant player commanding roughly 41% of the top-tier CEX market share. That's over 4x larger than the runner-up when looking at BTC and altcoin pair activity. The disparity becomes even more striking when you zoom into specific trading pairs.
Why does this matter? Because liquidity at that magnitude fundamentally shapes price discovery, slippage tolerances, and execution quality. When one platform holds such a significant portion of trading flows, it doesn't just indicate market dominance—it reflects where serious traders, market makers, and institutions route their orders.