Key Highlights:
- Binance spot trading volume approaching combined total of all other exchanges
- Similar scenario last occurred after Bitcoin ETF launch — followed by BTC bull run
- Despite volume leadership, Binance doesn’t lead in 2025 liquidations
- OKX surpasses Binance in total yearly liquidations
- Deep liquidity may absorb volatility more efficiently
📊 Historic Binance Dominance
According to new data shared by Joao Wedson, Founder of Alphractal and verified analyst at CryptoQuant, Binance’s spot trading volume is now approaching the combined total of all other exchanges.
This rare scenario last occurred during the post-Bitcoin ETF launch phase, which marked a wave of institutional entry into crypto markets. Back then, this dominance fueled a strong bullish push for BTC, and Wedson hints the same could happen again.
📉 Liquidation Paradox
While Binance remains the top player in both spot and derivatives volume, it’s surprisingly not the exchange with the most liquidations in 2025.
Data reveals:
- OKX and at least one other exchange surpass Binance in total liquidations this year
- Volume dominance doesn’t always mean high liquidation activity
This highlights a key dynamic: Binance’s liquidity depth may be absorbing volatility more efficiently, or its traders could be managing risk better.
💧 Liquidity Drives Market Behavior
Wedson’s key message is simple: liquidity matters. Exchanges with deeper liquidity tend to show more stable price behavior and lower liquidation volatility.
For traders, this means:
- Choosing platforms wisely based on market structure
- Considering not just volume, but liquidity quality
- Understanding that deep liquidity can reduce sharp price movement risks
🔄 Shifting Trading Dynamics
As charts show, Binance continues to dominate global spot volume, but liquidation hotspots have shifted, revealing new trading dynamics that may influence future price movements.
Historical Parallel: If current Binance dominance mirrors the post-Bitcoin ETF period, it could signal an approaching bullish impulse for the crypto market.
Bottom Line: Binance’s near-monopolistic spot volume dominance, reminiscent of the post-ETF launch period, suggests potential market catalysts ahead, while its lower liquidation rates indicate superior liquidity management that could provide more stable trading conditions.