The colder the market, the more genuine the votes.

It's not at the moment it rises, but in the 'times when no one is watching', that the true belonging of users can be seen.

The latest data from The Block shows that by June 2025, Binance's spot market share rebounded to nearly a one-year high, accounting for about 41.14% of the share;

Among them, the spot trading of $BTC is approaching the historical peak of 2024.

This is not random data under the frenzy of a bull market, but rather users 'voting with their feet'.

1️⃣

What signals have been released by the 'counter-trend growth' in a dull market?

Against the backdrop of overall shrinking trading volume, Binance's share continues to grow.

This indicates that Binance does not solely rely on market heat to 'make a living', but can also attract a stable user base to continue trading even when volatility decreases.

This indicates two key points:

User stickiness is strong: even without airdrops or hot topics, they do not churn;
Structural leadership: The trading liquidity of mainstream assets like BTC and ETH continues to lead, especially with BTC's nearly 45.6% market share, which is indeed rare.

This actually illustrates a core reality: what users truly value is not 'rolling', but 'stability'.

2️⃣

The Alpha system is closed-loop, and the linkage mechanism between trading, wallets, and points has begun to take effect—

Many people still regard Alpha points as 'wool activities', but what is truly interesting is that it is reconstructing user behavior paths:

Trading → Wallet → Points → Pricing rehearsal → Liquidity redistribution

Alpha is not issuing tokens, but is training users' attention muscles—binding behavior with points and using behavior to influence the platform's market power in reverse.

To some extent, this partially returns the primary pricing power of VC to the platform—even to the users.
Whoever can mobilize liquidity owns the initial premium for project cold starts.
Whoever can stabilize the preheating rhythm owns the control of primary pricing.

This is why we see that under Alpha's incentives, on June 8, Binance's wallet on-chain trading volume reached 12.5 billion USD, accounting for 92.1% of the market's wallet trading volume—

This structure is no longer a traditional CEX, but a new type of closed loop in CeDeFi.

Alpha is not just a 'points system', but more like a playground where the platform and users jointly train the muscle of liquidity pricing.

3️⃣

The 'safe haven' effect continues to ferment: it's not who rolls, who wins—

Looking back over the past few months, several trading platforms experienced security incidents, declines in stablecoin reserves, and even liquidity tightening.

Yet Binance has grown in the opposite direction, becoming the preferred choice for capital inflow.

According to CryptoQuant data, as of early June, Binance held 59% of USDT and USDC reserves among CEXs. This not only reflects a sense of security but also indicates the market is 're-aggregating'.

Conclusion—

Many people like to use 'traffic' to explain the strength of trading platforms, but the long-term battlefield of the crypto market has never been traffic, but trust—

And trust will ultimately settle into structural advantages + liquidity control + security redundancy.