Since the launch of Bitcoin futures on Binance in September 2019, the platform has accumulated over $650 trillion in futures volume for BTC alone.
Over the same period, spot volume reached $168 trillion, which is four times lower.
This marks a true paradigm shift that has gradually reshaped the structure of the Bitcoin market.
While spot volumes reflect the activity of investors with longer-term conviction, futures volumes highlight the increasingly speculative nature of the current market environment.
In this cycle, we can clearly see the dominance of derivatives, with daily futures volumes exceeding $75 billion on multiple occasions, a level that had never been reached since Binance introduced BTC futures.
This suggests that we are facing more speculation and higher volatility, but also that Binance continues to be the go-to platform for traders, further cementing its dominance in the derivatives space.
The second chart helps visualize the evolution and correlation between spot and futures volumes on Binance.
Today, the spot-to-futures volume ratio stands at 0.21 (or 0.26 when refined), meaning that roughly 75% of BTC market activity is driven by derivatives.
That’s why monitoring the derivatives market has become essential, especially on Binance, which continues to attract the bulk of speculative liquidity.
Written by Darkfost
