KuCoin’s native token, KCS, outperformed Bitcoin in terms of quarterly gains, as per TokenInsight’s recent “Q3 2025 Crypto Exchange Market Report,” which led to a resurgence in investor confidence in exchange tokens. Additionally, the report demonstrated that KuCoin’s derivatives expansion has positioned it as one of the top three exchanges globally, whereas its spot market share has been increasing for four consecutive quarters.
The overall crypto market showed a gradual recuperation in Q3 2025, which was mainly led by the strong inflows of the Bitcoin ETF that reached a total of USD 7.8 billion. The dominance of Bitcoin has increased up to about 64%, with the price fluctuating between USD 108,000 and 124,000. The total market capitalization has increased from USD 3.46 trillion in June to almost USD 4 trillion by September on the back of regulatory clarity and anticipation of easing in the interest rate.
With a market share of 35.09%, Binance was very close to its dominant position and was the only exchange that maintained control of more than one-third of the total trading volumes throughout the quarters. By 0.31% compared to the last quarter, Bitget made progress and thus it was able to take the third position from Bybit. Gate and BingX were also able to achieve significant growth as they increased their market share by 1.74% and 1.11%, respectively.
On the other hand, OKX was the major contributor to the decline of the biggest exchanges, with its share decreasing by 1.55%. KuCoin was still moving in the right direction as it added 0.16% to its share
The report emphasised that the tokenization of RWA had become the most discussed topic of Q3, with a lot of Traditional Web2 sectors showing interest. At the same time, perpetual decentralized exchanges (DEXs) became the main storyline, thus on-chain derivatives activity witnessed a huge upsurge.
The spot trading volumes increased 30.56% from one quarter to another to reach USD 4.7 trillion. The average daily volume was USD 51.6 billion. The turnaround in Bitcoin was the major factor in this revival, however, the liquidity of altcoins was still quite limited.
Derivatives trading also grew significantly, by 28.71%, from Q2 to USD 26.0 trillion. Binance was the top open interest holder with a 24.61% share, followed by Bybit and Bitget. The rise in volatility and better liquidity conditions were the main reasons for the increased turnover in futures and perpetual contracts, which, in turn, consolidated the dominance of centralized exchanges.
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One Response
KuCoin’s growth compared to Bitcoin is impressive, but I’m curious about what other factors might be driving these gains. Is it purely market speculation, or are there other developments at play?