Bybit recorded the highest spot trading volume among centralized cryptocurrency exchanges on December 22, 2025, driven by a sharp increase in activity around the NIGHT token, according to market data cited in a company update shared with Finbold.

The exchange reported more than $9.2 billion in spot trading volume over a 24-hour period, placing it ahead of industry peers for the day. The spike was largely attributed to heightened trading in the NIGHT/USDT pair, which accounted for the majority of activity on the platform during that window.

NIGHT trading drives volume spike

Data from CoinMarketCap shows that Bybit handled over 77% of global NIGHT trading volume during the peak of the token’s trading activity, equivalent to approximately $7.6 billion out of $9.2 billion in total market liquidity within 24 hours.

CoinGecko data from the same period similarly indicates that NIGHT/USDT represented more than 80% of Bybit’s spot trading volume on the day, with overall spot volumes rising by nearly 98%.

Bybit said the performance highlights its ability to manage large trading flows during periods of elevated market interest. The exchange previously reported handling more than $107 billion in daily trading volume in August 2024 without operational disruptions, pointing to its liquidity and infrastructure capacity.

Emily Bao, Head of Spot at Bybit, said the results reflect both the exchange’s ability to handle large trading volumes and its focus on supporting traders during periods of heightened market activity.

“By providing top-notch liquidity and dependable infrastructure for emerging assets like NIGHT, Bybit stands ready to support our users in capitalizing on market opportunities while maintaining the execution quality and reliability they expect from us,” she said. 

Featured image via Shutterstock.