According to TokenInsight data, Binance's average market share in the first quarter of 2025 was 43.9%, ranking first; MEXC has seen the largest increase in spot market share among major exchanges, rising from 6.1% in the fourth quarter of 2024 to 7.8% in the first quarter of 2025; Bitget, Coinbase, and HTX also experienced positive growth, increasing by 0.4%, 0.4%, and 1.1% respectively.