Kaiko - Q4_2025 Exchange Ranking

2025

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AI-generated summary

1) This Q4 2025 report details the evolving landscape of crypto exchanges, highlighting consolidation, significant rank movements, and the growing divide between institutional-grade and other platforms.
2) * Comprehensive ranking of 44 spot exchanges based on governance, business, liquidity, security, technology, and data quality.
* Analysis of key findings, including the dramatic surge of Bullish and the climb of Bitget and Bybit.
* Examination of how public market affiliation impacts exchange performance, particularly in governance and security.
3) crypto exchange, ranking, Q4 2025, institutional, data

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