Bitvavo captured the largest share of global EUR-denominated spot crypto trading volume across 2025–2026, according to the latest Kaiko Research report, The State of the European Crypto Market. The report finds Bitvavo accounted for 44% of global EUR spot trading volume over the period.
According to the report, Bitvavo processed a higher share of EUR-denominated volume than other major international exchanges, including Kraken (20% market share), Coinbase (13%) and Binance (8%). The findings reflect the growing importance of regulated euro-denominated crypto markets as Europe continues to emerge as a leading global hub for digital asset trading under the MiCA regulatory framework. This growth in EUR-denominated volumes signals that the market is adapting to MiCA’s framework.
“Europe is becoming one of the most important crypto markets globally, and liquidity in euro markets is growing rapidly,” said Ramin Kader, Director of Markets & Institutions at Bitvavo. “Our focus has always been to build the best possible trading experience for European users. This report shows that retail and institutional clients increasingly choose Bitvavo for liquidity, asset selection, and reliability, and we believe MiCA will further accelerate adoption across the region.”
“Europe’s 31% year-over-year growth in euro-denominated spot trading volumes to €362B reflects compounding structural improvements, not speculative momentum alone. MiCA’s implementation has driven regulatory confidence, which in turn deepened liquidity and tightened spreads; top venues are now operating below 2 basis points across major EUR pairs, a level that puts European markets at genuine parity with USD-denominated venues. Euro stablecoin volumes have grown 7 to 8x since 2024, and for the first time, EUR market depth has surpassed USD equivalents. The European crypto market has moved from a regional venue to a globally competitive one,” said Laurens Fraussen, Research Analyst, at Kaiko.
Key findings from the Kaiko research report
Largest share of global EUR spot trading
Bitvavo accounted for 44% of total global EUR-denominated spot trading volume throughout 2025–2026, representing the highest volume share among the exchanges analyzed in the report.
Competitive EUR order book spreads
The report finds that across a basket of EUR-denominated pairs (BTC, ETH, SOL, XRP, and ADA), Bitvavo recorded the tightest average bid-ask spreads among the major EUR spot exchanges analyzed, at 0.981 bps, supporting efficient execution for both retail and institutional participants.
Broad EUR asset coverage
As of Q1 2026, Bitvavo offered more than 440 EUR-denominated trading pairs, providing one of the broadest selections of digital assets available in Europe.
Strong trading activity in newly listed digital assets
The report also highlighted strong trading activity in newly listed digital assets. Bitvavo captured a leading share of trading activity across several high-profile listings, including Moodeng, Trump, and Tao.
Accelerating growth in Euro stablecoins
Driven by MiCA-related adoption and regulatory clarity, euro-backed stablecoin trading volumes increased 7–8x compared to 2024 averages, with weekly trading volumes surpassing $1.5 billion at peak levels.
Read the Report
The full Kaiko Research report, The State of the European Crypto Market, is now available.
Read the Full Report
About Bitvavo
Bitvavo is a European cryptocurrency exchange founded in Amsterdam in 2018 with the mission to make digital assets accessible to everyone. Through its mobile app, desktop platform, and APIs, Bitvavo enables users to buy, sell, transfer, and store over 400 digital assets. The company holds a MiCAR licence from the Dutch Authority for the Financial Markets (AFM), allowing it to operate under a unified regulatory framework across Europe. Bitvavo serves more than two million customers in 27 EU countries.
This article is for informational purposes only and does not constitute a recommendation. None of the content herein should be considered as investment advice or a substitute for it. Investments involve risks. There is a possibility of losing your entire invested capital. This research report was paid for by Bitvavo, but written independently by Kaiko.
