Just came across TokenInsight's 2025 CEX report, and the data is pretty eye-catching: @binancezh is still firmly in the top spot, holding 35.86% of the market share—almost three times that of the second place. @okxchinese secures second place with 13.47%, while @Bybit_ZH and @Bitget_zh follow closely with 12.04% and 10.60%, respectively. Together, the top four account for over 71% of the industry's market share. To be honest, I'm not surprised at all by these numbers. Binance is still Binance—its user base, liquidity, and ecosystem barriers remain unshakable even in 2025. As for the other three—OKX, Bybit, and Bitget—my personal usage frequency over the past few years almost perfectly aligns with this market share ranking. Here’s how I personally distribute my usage: Binance is where I keep the bulk of my spot positions and trade contracts with the best liquidity + use their financial products. OKX is mainly for contracts and financial products + their Web3 wallet. Bybit is my go-to for its smooth trading experience + frequent promotional perks. Bitget is where I use copy trading the most, especially their latest TradFi feature. Outside of the top four, other exchanges rarely give me that "must-use" feeling anymore, unless it's for niche tokens or specific features. It feels like the crypto exchange world has entered a phase of "extreme consolidation at the top, but still room for growth in the mid-tier." For us regular users, the choice has become pretty simple: If you want ultimate security, the widest selection, and the best liquidity → Binance If you want diverse contract options, a smooth experience, and great promotions → OKX/Bybit If you prefer automation, copy trading, and passive income vibes → Bitget is becoming a comfort zone for many. The crypto world is still the same, but the seats seem to be more firmly occupied and harder to shake. Will this dynamic change in 2026? I remain cautiously optimistic, but for now, at least in the next 12-18 months, it looks like this top-four table will stay as it is.