Looking at the data from The Block, Binance's spot market share has reached a new high in 12 months. The last time this phenomenon occurred was in February 2023, when the altcoin market was quite sluggish, and the community was eagerly waiting for the altcoin season.

At this time, most active funds tend to return to the major exchanges. They temporarily dock in the safe harbor of large exchanges, reducing trading frequency and adopting a wait-and-see approach until a new narrative emerges in the industry.

And now, this is that moment.