Despite regulatory hurdles and listing concerns, a new report from TokenInsight shows that Binance is comfortably leading the CEX market. Increasing competition from MEXC and Bitget saw Binance’s market share drop 1%, but it still dominates more than one-third of the CEX trades.
The firm dominates in every metric that the report examined, from market share to public notoriety. It leads both in spot and derivatives trading volume and maintains the most stable ratio between the two of any CEX.
However, the exchange had a strong Q1 2025, as its trading volume continued to dominate one-third of the CEX market.
“Binance maintained its market-leading position in both quarters, with a trading volume of $9.95 trillion in Q4 2024. Due to market volatility, its trading volume in Q1 2025 was approximately $8.39 trillion. Binance continued to lead in market share, holding 36.5% in Q1 2025,” the report claimed.
In terms of total market share, Binance isn’t completely surpassing the CEX market. In fact, its control actually decreased by 1.38%.
No other exchange saw this level of decline, as Bybit only lost 0.89% after the infamous hack. Nonetheless, most of the biggest CEXs also declined slightly, and none of the growing exchanges managed to compete with its head start.
Binance Is Larger than Any CEX. Source: TokenInsight
Binance accounts for nearly 36% of the CEX market share, but this isn’t its only advantage. It also leads in both spot trading and derivatives volumes, controlling 45% of the former and maintaining a 17% lead with the latter.
Additionally, TokenInsight determined that it had the most stable platform structure, keeping its ratio of spot to derivatives trading very consistent.
The firm also ranked number one in open interest market share, but this was its least comfortable lead. However, TokenInsight identified a few intangibles that significantly impacted Binance’s CEX performance.
Crypto Spot Market Share. Source: TokenInsight
In its list of noteworthy industry events for Q1 2025, Binance was mentioned more than any other exchange. In one such mention, Forbes listed it as one of the world’s most trusted crypto exchanges.
Overall, despite ongoing regulatory scrutiny in several different regions, the exchange seemingly holds a firm grip on the market.
XRP is up 7% over the last week of April, but May 2025 could bring even bigger moves as major catalysts line up. Key metrics like NUPL and active addresses show a market at a crossroads, with strong optimism and warning signs.
Hype around ETF approvals has stirred volatility, and real institutional inflows could decide XRP’s next major trend. Traders should prepare for a month where both sharp rallies and deep corrections remain firmly on the table.
XRP NUPL Signals Rising Confidence, but ETF Rumors Stir Volatility
XRP Long-Term Holders Net Unrealized Profit/Loss (NUPL) is currently at 0.73. This places it firmly in the “Belief – Denial” stage of the market cycle. The indicator measures the average unrealized profit among long-term holders.
It has been stuck in this zone since March 27, over a month ago. In general, NUPL values above 0.75 indicate “Euphoria—greed.”
Readings between 0.5 and 0.75 show belief that prices can rise, but there is also the risk of denial if momentum weakens.
The current value has risen from 0.68 three weeks ago to 0.73 today. Long-term XRP holders are seeing larger paper gains. Still, the market could soon face a critical moment where either continuation or a correction emerges.
Rumors about an SEC-approved spot XRP ETF have recently caused confusion, adding more fuel to market volatility. In reality, only ProShares’ leveraged and short XRP Futures ETFs were approved to begin trading on April 30. A true spot ETF has not been approved.
Although the futures approval is seen as a positive step for XRP’s long-term legitimacy, spreading false information has damaged investor confidence. It has also created unnecessary instability.
Some experts predict that a future spot ETF could eventually drive up to $100 billion in capital inflows into XRP. However, until that happens, volatility driven by rumors and miscommunication remains a major risk for the token.
XRP User Engagement Slows as Active Addresses Stay Below 200,000
XRP’s 7-day active addresses have dropped significantly, currently at 147,000, compared to their all-time high of 1.22 million, which reached March 19.
Monitoring active addresses is crucial because it offers real-time insight into user engagement, transaction volume, and overall ecosystem health—lower address activity often signals waning interest, reduced transaction flow, and a softer foundation for sustained price growth.
Since April 1, XRP’s 7-day active address count has consistently stayed below 200,000, reinforcing that user activity has yet to recover fully.
While the drop does not necessarily mean a major price collapse is imminent, it highlights a critical point: strong rallies are often backed by growing network participation.
Without a meaningful pickup in active addresses, XRP could struggle to maintain momentum or ignite a new bullish phase soon.
XRP ETF Approval Could Trigger 49% Rally, But Downside Risks Remain
The final approval of a Spot XRP ETF could become a major catalyst for the token’s price. It would potentially unlock significant institutional inflows. Recently, the world’s first XRP ETF began trading in Brazil.
Experts predict that, if real demand follows the approval like it did with Bitcoin, XRP price could rally sharply. The next major upside target is $3.40, representing a 49% increase from current levels.
This move would be driven by fresh inflows, greater mainstream acceptance, and a tightening supply as more investors gain direct exposure through regulated channels.
On the downside, if momentum fails to recover and a strong downtrend takes hold, it could face a sharp correction. A break below the psychological $2.00 level would expose the token to deeper losses, with the next major support around $1.61.
Such a move would imply a 29% drop from current prices, reflecting a scenario where optimism around ETFs fades and selling pressure takes over.
In this case, XRP could remain stuck in a broader consolidation or bearish phase until stronger catalysts appear.
Earlier today, Israel launched a ‘pre-emptive strike’ on Tehran and declared a state of emergency. This rapid escalation of the conflict drove the crypto market into a freefall.
Over the past 24 hours, total liquidations amounted to $1.15 billion. Additionally, the overall market is down by 6.6%.
Crypto Market Plunges Amid Israel-Iran Conflict
According to CNN, Israel’s strikes targeted Iran’s nuclear program and missile capabilities, affecting dozens of locations. The attack reportedly eliminated Iran’s top military leaders and senior nuclear scientists. It was confirmed that General Hossein Salami, the Commander-in-Chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), was killed.
“Iran’s state television says Deputy Commander in Chief of all Armed Forces, General Gholam Ali Rashid, has been killed, along with nuclear scientist Fereydoon Abbasi,” The Kobeissi Letter posted.
To prepare for potential retaliation, Israel has declared a state of emergency, closing schools, banning gatherings, and mobilizing tens of thousands of soldiers.
Furthermore, Iran is preparing a ‘lethal‘ response against Israel following the attacks. It has already appointed General Vahidi, the former head of the Quds Force, as the new commander of the IRGC.
Admiral Habibollah Sayyari has succeeded the late General Bagheri as the acting Commander-in-Chief of the Armed Forces of the Islamic Republic of Iran.
Statement No. 1 of the General Staff of the Armed Forces
In the early hours of Friday, 23 Khordad (June 12), the Zionist regime carried out an aggressive and reckless attack on several areas of the country, including both civilian and military zones. This assault resulted in… pic.twitter.com/TyQtkxPMmU
The rising tension between the two nations has caused significant turbulence in the market. Dow Jones Industrial Average futures fell by 1.3%, S&P 500 futures dropped 1.4%, and Nasdaq 100 futures plunged by 1.6%.
Nine of the top ten coins saw losses over the past day. Bitcoin (BTC) nosedived from over $108,000 to $104,112. However, altcoins suffered the harshest blow.
Crypto Market Cap Post Israel’s Attack On Iran. Source: BeInCrypto
Solana (SOL) lost nearly 10% over the past day. Ethereum (ETH) trailed closely with a 9.3% downtick. Among the top 100 coins, Fartcoin (FARTCOIN) and Ethena (ENA) stood out for double-digit losses of 17.3% and 15.9%, respectively.
These declines forced 247,769 traders out of their positions over the past 24 hours. According to Coinglass data, $1.15 billion has been liquidated from the crypto market.
Bitcoin faced $427.75 million in long and $19.10 million in short liquidations. Ethereum followed with $244.74 million in long liquidations and $43.57 million in short liquidations, highlighting the scale of market turmoil.
Nonetheless, the conflict drove oil and gold up. Oil prices spiked by more than 10%. U.S. West Texas Intermediate rose to $74.99 per barrel, marking a 10.21% uptick.
The global benchmark Brent increased by 10.28% to $76.48 per barrel. Gold also gained 1.2% to reach $3,426.
Analysts Divided Over Israel-Iran Conflict’s Impact on Crypto
As Iran prepares for retaliatory actions, it’s clear that the impact will be felt across markets. Amid this volatility, the cryptocurrency market, particularly Bitcoin, has become a focal point of debate among analysts.
“Bitcoin’s failure to rise against gold—despite over 3.5 years of hype, including a dozen ETFs, Super Bowl ads, El Salvador, NFTs, tens of billions of leveraged buying by MSTR, other Bitcoin treasury companies, the election of a Bitcoin president, and the establishment of a Bitcoin Strategic Reserve—is strong evidence that the bubble has peaked,” Schiff said.
Another analyst echoed his view, claiming that Bitcoin is not a safe haven but more akin to a tech stock.
“It is important to understand that Bitcoin shows its true colors as Israel attacks Iran. It is not an alternative-currency, it is not a safe haven, it is a risk asset, just like another tech stock, that will decline when the market goes to a risk-off posture,” the post read.
However, crypto advocate Anthony Pompliano maintained an optimistic outlook. Drawing parallels to an earlier incident when Iran launched 300 missiles at Israel, Pompliano noted that Bitcoin rebounded to outperform both oil and gold.
“Bitcoin ended up outperforming the other two over the first 48 hours in that situation. Will be interesting to see what happens here,” Pompliano stated.
Moreover, a recent BlackRock report revealed that while Bitcoin may underperform in the short term during geopolitical shocks, it has historically rallied double digits within 60 days post-crisis, outpacing gold and equities.
Despite immediate market jitters, this suggests a longer-term bullish outlook for the cryptocurrency. Still, the divide reflects broader uncertainties about Bitcoin’s maturity as an asset, with gold’s millennia-long stability pitted against Bitcoin’s 16-year track record. As markets stabilize, analysts will closely monitor price movements, with some betting on Bitcoin’s recovery and others clinging to gold’s proven reliability.
HTX is launching a series of exclusive promotions for $TRUMP, offering users multiple ways to boost earnings and capture market opportunities amid surging global interest in the token.
Starting April 26 at 16:00 (UTC), HTX launched a special $TRUMP Flexible Earn offer. Users can subscribe to the $TRUMP Earn product and enjoy an annualized return of up to 20% with hourly compounding. Funds can be deposited and withdrawn at any time for maximum flexibility. Simply log in to the HTX App or website and select the “$TRUMP Flexible” product under “Earn.”
From April 28 at 10:00 to May 13 at 15:59 (UTC), users can trade the $TRUMP/USDT spot pair with zero trading fees. This limited-time offer lowers trading costs and makes it easier for users to capture potential gains.
HTX is hosting a $TRUMP Trading Competition from April 27 at 10:00 to May 4 at 10:00 (UTC).
Participants who trade $TRUMP spot will be ranked by total trading volume for a chance to share a 20,000 USDT prize pool.
Bonus: $TRUMP leveraged trades will count 3x toward the total volume.
Note: Users must register on the event page to qualify for rewards.
HTX: Empowering Users with Quality Digital Asset Opportunities
Through Earn promotions, fee-free trading offers, and trading competitions, HTX continues to create a low-cost, high-liquidity trading environment. The $TRUMP campaigns are part of HTX’s broader efforts to enhance user opportunities through curated digital asset offerings, while continuously optimizing platform experience and driving sustainable growth across the global user base.
About HTX
Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.
As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.
