KuCoin's Liquidity Resilience and Sustained Growth Highlighted in CoinDesk Data 2025 Market Deep-Dive Report

Rhea-AI Summary

KuCoin (BLSH) was highlighted in CoinDesk Data's 2025 Market Deep‑Dive Report for sustained trading growth and resilient liquidity under stress. Over the first 11 months of 2025 KuCoin recorded cumulative spot and perpetual volume above $1.25 trillion with an average monthly volume of $114 billion, and spot activity averaging $46.1 billion per month — about a fourfold rise versus 2023.

The report notes a "stair‑step" growth pattern, stable order‑book depth after the Oct 10 market shock (comparable to Binance and OKX), a listing pace about 2x the industry average at peaks, and progress on a $2 billion Trust Project focused on transparency, security, and compliance.

Positive

• Cumulative trading volume > $1.25 trillion (first 11 months of 2025)
• Average monthly volume of $114 billion
• Spot activity averaged $46.1 billion/month (~4x vs 2023)
• Order‑book depth remained stable after Oct 10 market shock
• Listing pace reached ~2x the global industry average at peaks
• $2 billion Trust Project advanced security, transparency, compliance

Negative

• Operating amid increasing regulatory scrutiny in 2025

Key Figures

Cumulative trading volume $1.25 trillion Spot and perpetual futures, first 11 months of 2025

Avg monthly volume $114 billion Spot and perpetual futures, first 11 months of 2025

Avg monthly spot volume $46.1 billion Spot market activity, 2025

Trust Project size $2 billion KuCoin Trust Project launched and advanced in 2025

Top 10 CEX status Top 10 KuCoin consolidated among global top 10 centralized exchanges in 2025

Listing pace vs industry 2x market norm New-asset listing pace during peak periods in 2025

Market shock date October 10 Liquidity performance assessed after October 10 market shock

Order book depth Broadly stable Major altcoins liquidity vs Binance and OKX during market stress

Market Reality Check

$45.52 Last Close

Volume Volume 3,217,597 is 1.77x the 20-day average (1,819,548), indicating elevated interest pre-announcement. high

Technical Shares at $44.60 are trading below the 200-day MA of $53.98, well under the $118 52-week high.

Peers on Argus

Peers show mixed, mostly modest moves (e.g., FOUR -0.88%, KVYO +1.43%) and none appear in the momentum scanner, suggesting BLSH’s move is stock-specific rather than a broad software/fintech rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Monthly metrics update	Neutral	+4.4%	Release of November 2025 monthly trading and volatility metrics.
Dec 01	Leadership appointment	Positive	-5.9%	Hiring of Jay Yarow as President of CoinDesk Insights.
Nov 19	Earnings results	Positive	-3.6%	Record Q3 2025 adjusted revenue, EBITDA and net income with new products.
Nov 11	Conference partnership	Positive	+0.2%	Consensus x SALT institutional summit announcement for February 2026.
Nov 06	Monthly metrics update	Neutral	-7.7%	Publication of October 2025 trading volume and volatility metrics.

Pattern Detected

News flow has been frequent, with mixed price reactions: strong earnings and strategic deals sometimes saw negative follow-through, while routine metrics occasionally coincided with gains.

Recent Company History

Over the last few months, Bullish has focused on transparency and ecosystem expansion. Monthly metrics releases on Nov 6 and Dec 4 shared detailed trading and volatility data. Q3 2025 results on Nov 19 highlighted record adjusted revenue, EBITDA, and net income. Strategic initiatives included the Consensus x SALT institutional summit and a senior media hire on Dec 1. Against this backdrop, the CoinDesk data deep-dive emphasizing liquidity resilience builds on a narrative of growing scale and institutional positioning.

Market Pulse Summary

This announcement highlights CoinDesk Data’s independent validation of KuCoin’s trading volume growth, liquidity stability and a $2 billion trust-focused initiative. For Bullish, it reinforces the narrative of institutional-grade infrastructure in the broader ecosystem that CoinDesk covers. When reviewing this kind of news, investors may focus on how sustained volume trends, exchange robustness during shocks, and regulatory progress tie back to Bullish’s disclosed operating metrics, earnings trajectory, and strategic partnerships.

Key Terms

perpetual futures financial

"cumulative spot and perpetual futures trading volume exceeded $1.25 trillion"

Perpetual futures are contracts that let investors bet on an asset’s price without a set expiration date, combining the ability to use borrowed funds with a recurring small payment or receipt that keeps the contract price close to the actual market price. They matter because they offer continuous, high-leverage exposure and deep liquidity—useful for quick trading and price discovery—but also raise the risk of forced exits and amplified losses, so they change how investors manage risk.

spot market financial

"Spot market activity averaged $46.1 billion per month"

The spot market is where assets—like stocks, commodities, or currencies—are exchanged for immediate delivery and payment at the current market price. It matters to investors because spot prices reflect real-time supply and demand, guide short-term trading decisions, and serve as the baseline for contracts and valuations; think of it as buying an item at the store right now instead of ordering it for later.

liquidity financial

"resilient liquidity under complex and volatile market conditions"

Liquidity is how easily and quickly an asset or investment can be converted into cash without losing value. It matters to investors because higher liquidity means they can access their money quickly if needed, while lower liquidity can make it harder to sell assets promptly or at a fair price, potentially creating financial challenges. Think of it like trying to sell a common item versus a rare collectible—it's much easier to sell the common item fast.

market share financial

"providing a systematic view of trading volumes, market share, asset-level trading trends"

Market share is the percentage of total sales or customers that a company has within a specific industry or market. It shows how big or popular a company is compared to its competitors. Knowing a company's market share helps understand its strength and position in the industry.

compliance regulatory

"focused on strengthening transparency, security architecture, and compliance capabilities"

Compliance is the act of following rules, laws, and regulations set by authorities or organizations. It ensures that businesses operate legitimately and ethically, much like how a driver follows traffic laws to keep everyone safe. For investors, compliance matters because it helps ensure that companies are managing risks properly and maintaining trustworthy practices.

AI-generated analysis. Not financial advice.

PROVIDENCIALES, Turks and Caicos Islands, Dec. 22, 2025 /PRNewswire/ -- CoinDesk Data released its 2025 Market Deep-Dive Report, a comprehensive analysis of exchange-level activity across the global digital asset market. Within this analysis, KuCoin emerged as a notable example of sustained performance, demonstrating strong trading volume growth, and resilient liquidity under complex and volatile market conditions. The findings illustrate how granular, exchange-level data can surface structural advantages — such as trading consistency and liquidity stability — that are not always visible through headline volume rankings or short-term market fluctuations.

Built on CoinDesk Data's proprietary market data infrastructure, the report aggregates and normalizes data across thousands of trading pairs and dozens of centralized exchanges, providing a systematic view of trading volumes, market share, asset-level trading trends, asset stickiness, and liquidity dynamics.

According to the report, KuCoin firmly consolidated its position among the global top 10 centralized exchanges (Top 10 CEX) in 2025. Over the first eleven months of the year, cumulative spot and perpetual futures trading volume exceeded $1.25 trillion, with an average monthly volume of $114 billion.

Spot market activity averaged $46.1 billion per month, representing nearly a fourfold increase compared to 2023, reflecting a steady expansion in user participation and trading activity.

CoinDesk Data observed that KuCoin's trading volumes followed a clear "stair-step" growth pattern, characterized by periods of sharp increases followed by sustained stability at higher levels. This pattern contrasts with the boom-and-bust cycles commonly observed in crypto markets and points to growing user stickiness, trading consistency, and platform maturity over time.

The report also highlights KuCoin's liquidity performance following the October 10 market shock, a period during which liquidity conditions deteriorated across many centralized exchanges.

During this period, KuCoin's order book depth for major altcoins remained broadly stable, placing it alongside Binance and OKX. CoinDesk Data identifies liquidity stability during periods of market stress as a key indicator of exchange robustness and trader confidence.

Throughout 2025, KuCoin maintained a new-asset listing pace consistently above the global industry average, reaching approximately two times the market norm during peak activity periods. This approach strengthened KuCoin's role as an early venue for price discovery in emerging assets and sectors, reinforcing its positioning within the altcoin trading ecosystem.

CoinDesk Data's analysis suggests that KuCoin's performance in both trading volume growth and liquidity stability is underpinned by sustained investments in trust infrastructure.

In 2025, KuCoin launched and continued to advance its $2 billion Trust Project, focused on strengthening transparency, security architecture, and compliance capabilities. Over the course of the year, the exchange also achieved multiple security certification milestones and reached important regulatory compliance milestones, reinforcing its ability to operate under defined oversight frameworks across key jurisdictions.

Together, these initiatives provide a strong foundation for KuCoin's resilient performance amid heightened market volatility and increasing regulatory scrutiny, supporting long-term user confidence as the digital asset market continues to mature. The full report is available here.

About KuCoin

Founded in 2017, KuCoin is a leading global crypto platform trusted by over 40 million users across 200+ countries and regions. The platform delivers innovative and compliant digital asset services, offering access to 1000+ listed coins, spot and futures trading, institutional wealth management, and a Web3 wallet. Recognized by Forbes and Hurun, KuCoin holds SOC 2 Type II and ISO 27001:2022 Certifications, underscoring its commitment to top-tier security. With AUSTRAC registration in Australia and a MiCA license in Austria, KuCoin continues expanding its regulated footprint under CEO BC Wong, building a reliable digital‑asset ecosystem.  
Learn more: https://www.kucoin.com/ 

About CoinDesk

CoinDesk is the most trusted media, events, indices and data company for the global crypto economy. Since 2013, CoinDesk Media has led the story of the future of money and investing, illuminating the transformation in society and culture that comes with it. Part of Bullish Group (NYSE: BLSH), CoinDesk operates as an independent subsidiary and abides by a strict set of editorial policies. Our award-winning team of journalists delivers news and unparalleled insights that bring transparency, comprehension and context. CoinDesk Indices and CoinDesk Data provide institutional-grade benchmarks and analytics for the digital asset ecosystem. CoinDesk gathers the global crypto, blockchain and Web3 communities at annual events such as Consensus, the world's largest and longest-running crypto festival. For more information, please visit CoinDesk.com.

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SOURCE KuCoin

FAQ

How much trading volume did KuCoin (BLSH) report in the first 11 months of 2025?

KuCoin reported cumulative spot and perpetual futures volume exceeding $1.25 trillion over the first 11 months of 2025.

What was KuCoin's average monthly trading volume in 2025 according to CoinDesk Data?

KuCoin's average monthly trading volume was $114 billion in the first 11 months of 2025.

How did KuCoin's spot market activity in 2025 compare to 2023?

Spot activity averaged $46.1 billion per month in 2025, roughly a fourfold increase versus 2023.

Did KuCoin maintain liquidity during the Oct 10, 2025 market shock?

Yes. CoinDesk Data found KuCoin's order‑book depth for major altcoins remained broadly stable after the Oct 10 market shock.

What is KuCoin's Trust Project mentioned in the 2025 report?

The Trust Project is a $2 billion initiative focused on strengthening transparency, security architecture, and compliance capabilities.

How fast did KuCoin list new assets in 2025 compared to the industry?

Throughout 2025 KuCoin maintained a new‑asset listing pace approximately two times the global industry average during peak periods.