In recent weeks, we've observed a notable shift in the structure of Bitcoin’s spot volume: Binance’s dominance has been steadily increasing. Back in April, it accounted for around 40%, and now it's approaching 45% of all spot volume, nearing the point of surpassing — or flipping — the combined volume of all other exchanges.
📈 Historical context
This isn’t unprecedented. In previous cycles, when Binance took the lead in spot volume dominance, the Bitcoin market followed with significant price appreciation. This trend is often attributed to increased liquidity, deeper order books, and the influx of institutional players seeking more efficient execution with lower slippage.
📉 Data analysis
The Spot Volume Delta between Binance and other exchanges shows a clear behavioral shift: after months of negative net flow (Binance losing share), we're now seeing evidence of reversal, with occasional sessions of positive inflow.
In the percentage distribution chart, Binance’s recovery is clear, reaching its highest dominance level since late 2023.
Meanwhile, the absolute volume chart shows that despite Binance gaining market share, the overall spot market volume remains below the peaks seen in late 2024 and early 2025.
🔎 Market implications
This renewed dominance by Binance could signal a recentralization of liquidity, potentially enabling more efficient price discovery and foreshadowing directional moves in the short to mid-term. Historically, such consolidation has preceded expansion phases in the crypto market.
📌 Final remark
Despite Binance regaining dominance, it’s important to note that the aggregate spot volume is still below the highs observed at the end of the last cycle (Q4 2024). This suggests there's still room for growth, both in institutional adoption and retail participation.
Written by joaowedson
