Binance holds by far the largest trading volume among exchanges, and this dominance often whispers the broader market outlook to us.
When Bitcoin reaches peak levels, we typically see a surge in trading volumes across the market. Such spikes often lead to the formation of local tops, with Binance contributing the majority of this activity.
During the first ATH in 2024, market volumes were relatively strong, and Binance accounted for more than twice the volume of other exchanges combined. Towards the end of the year, as Bitcoin reached ATH levels again, volumes across other exchanges surged, yet Binance maintained its lead with more than double their combined volume.
In mid-2025, when Bitcoin set a new ATH, total market volume surprisingly did not increase. Binance once again achieved nearly double the volume of others, but the lack of a broader volume expansion during an ATH painted a negative picture for market conditions.
If volumes fail to grow, this could be an early signal of potential challenges in the months ahead.
Written by BorisVest
