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Binance Leads Q1 Trading Volume with 'Financing + Reform' Building Long-Distance Resilience
In the first quarter of 2025 (Q1), the cryptocurrency market failed to continue the growth trend seen at the end of 2024, with the total market capitalization dropping from a peak of $3.8 trillion to about $2.7 trillion, returning to the level of the first quarter of 2024. Bitcoin (BTC), which leads the market capitalization, hit a historic high (ATH) of $109,000 on January 20 this year, but closed the quarter at $82,000.
However, in Q1, the total trading volume of the world's top ten exchanges was $21.69 trillion, an increase of 16.84% compared to the same period last year, but a decrease of 12.29% compared to the previous quarter. Binance led the way with a total trading volume of $8.41 trillion, followed closely by OKX and Bitget with $3.06 trillion and $3.01 trillion, respectively.
However, in Q1, the total trading volume of the world's top ten exchanges was $21.69 trillion, an increase of 16.84% compared to the same period last year, but a decrease of 12.29% compared to the previous quarter. Binance led the way with a total trading volume of $8.41 trillion, followed closely by OKX and Bitget with $3.06 trillion and $3.01 trillion, respectively.
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U.S. SEC Sheathes the 'Gun' as Various Crypto Asset ETFs Await Their Turn
In March 2024, the U.S. Securities and Exchange Commission (SEC) ended investigations into Web3 gaming giants Immutable and Crypto.com. Both companies had received SEC 'Wells' notices — indicating potential lawsuits — but now, the alarm has been lifted, concluding with 'no charges.'
Immutable states that this is a 'progress in regulatory clarity,' and the 'progress' is already changing the fate of previously targeted crypto companies by the SEC. Previously, the SEC reached a settlement with Ripple to refund $75 million in penalties, putting an end to a three-year legal entanglement; after the SEC withdrew its lawsuit against Coinbase, the stock price of this publicly traded exchange skyrocketed, with the number of compliant tokens launched tripling within two weeks.
Immutable states that this is a 'progress in regulatory clarity,' and the 'progress' is already changing the fate of previously targeted crypto companies by the SEC. Previously, the SEC reached a settlement with Ripple to refund $75 million in penalties, putting an end to a three-year legal entanglement; after the SEC withdrew its lawsuit against Coinbase, the stock price of this publicly traded exchange skyrocketed, with the number of compliant tokens launched tripling within two weeks.
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Are the two giants of CEX reversing the Web3 battlefield? The strategic game is full of regulatory challenges.
On March 17, the crypto asset trading platform OKX provided the reason for suspending its Web3 DEX aggregator service — discovering that the North Korean Lazarus hacker group was abusing its DeFi services, and proactively suspended services after consulting regulators.
The next day, another leading platform, Binance, upgraded its early project 'discovery tool' Alpha within its Web3 wallet to 2.0, directly integrating it into the CEX main site, allowing users to purchase with crypto assets directly.
With one move up and one down, the actions of the two giants in the crypto asset industry regarding their Web3 products have once again opened up discussions on whether KYC should be introduced, and how DEX and DeFi should respond to regulatory scrutiny from mainstream countries.
The next day, another leading platform, Binance, upgraded its early project 'discovery tool' Alpha within its Web3 wallet to 2.0, directly integrating it into the CEX main site, allowing users to purchase with crypto assets directly.
With one move up and one down, the actions of the two giants in the crypto asset industry regarding their Web3 products have once again opened up discussions on whether KYC should be introduced, and how DEX and DeFi should respond to regulatory scrutiny from mainstream countries.
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New Coin 'Hidden Ailments' Binance 'Operates'
Two tokens launched through the HODLer airdrop have been continuously falling since their listing on Binance, raising user concerns; one token that was newly launched on Launchpool modified its community airdrop ratio right before market opening, angering the community. Recently, the three new assets RED, GPS, and SHELL that were continuously listed on Binance have exposed 'hidden ailments' within the project circle, prompting Binance, which has the obligation to audit, to take decisive action.
On March 6, Binance urgently halted the listing of RED, a move that brought a turnaround for community users defending the Red Stone project. However, the top exchange's tough stance does not stop here; it is even more explosive.
On March 6, Binance urgently halted the listing of RED, a move that brought a turnaround for community users defending the Red Stone project. However, the top exchange's tough stance does not stop here; it is even more explosive.
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Binance's "coin listing" is frequently embroiled in controversy. He Yi promises "more transparency"
Just entering the second month of 2025, Binance, the world's largest cryptocurrency trading platform, was embroiled in multiple controversies over the issue of "currency listing".
In response to questions raised by the public about "employee bribery", "girlfriend coins" and the strictness of coin listing review, Binance co-founder He Yi responded separately and then added a 6-hour AMA. The response was the most detailed ever, including that Binance's internal investigation department "handled more than 120 investigation cases in the past two years, of which 60 employees were fired for violations"; she reiterated that the investment department "Yzi Labs" (formerly Binance Labs) is independent of the trading platform; she also reflected on whether the timeliness and innovation of the Binance Listing (coin listing) department driven by the "strict selection mechanism" are really effective.
In response to questions raised by the public about "employee bribery", "girlfriend coins" and the strictness of coin listing review, Binance co-founder He Yi responded separately and then added a 6-hour AMA. The response was the most detailed ever, including that Binance's internal investigation department "handled more than 120 investigation cases in the past two years, of which 60 employees were fired for violations"; she reiterated that the investment department "Yzi Labs" (formerly Binance Labs) is independent of the trading platform; she also reflected on whether the timeliness and innovation of the Binance Listing (coin listing) department driven by the "strict selection mechanism" are really effective.
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Generating Traffic, Opening Wallets, TG Mini App Newcomer Zingo Exposes 'Eating Style'
On December 23, after the ecological user count of a Mini App named 'Zingo' on the social software Telegram surpassed 500,000, it increased by another 200,000 users by the time of publication, marking the 'achievement' of the application in just over a month since its launch. Although Zingo currently focuses mainly on games, it positions itself as 'Social Payment Finance' (S-PayFi), suggesting that games are merely its prologue.
Zingo's phenomenon once again proves the strong attributes of Telegram's 1 billion user 'traffic base'. Of course, not all Mini Apps can mine traffic 'gold mines', but Zingo seems to have grasped certain principles from 'social + gaming'. Recently, Zingo's official revelation that 'version 2.0 will add Web3 wallet functionality' fully exposes Zingo's intention to mine traffic.
Zingo's phenomenon once again proves the strong attributes of Telegram's 1 billion user 'traffic base'. Of course, not all Mini Apps can mine traffic 'gold mines', but Zingo seems to have grasped certain principles from 'social + gaming'. Recently, Zingo's official revelation that 'version 2.0 will add Web3 wallet functionality' fully exposes Zingo's intention to mine traffic.
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Analyst predicts BNB will reach $1986 in 2025, is it too exaggerated?
As the end of 2024 approaches, hotspots in the crypto asset market continue to emerge: the well-known NFT IP Pudgy Penguins issues the token PENGU, the stablecoin protocol Usual (USUAL) backed by real-world assets (RWA) reignites discussions on decentralized stablecoins, and the biological DAO network BIO Protocol distributes the token BIO, igniting a surge in the DeSci (decentralized science) concept board.
If you pay enough attention, it's not hard to find that these popular market assets are all closely related to Binance: PENGU became the fifth project for Binance HODLers as soon as it launched; USUAL and BIO successively landed on Binance Launchpool, with both projects receiving investment from Binance Labs.
If you pay enough attention, it's not hard to find that these popular market assets are all closely related to Binance: PENGU became the fifth project for Binance HODLers as soon as it launched; USUAL and BIO successively landed on Binance Launchpool, with both projects receiving investment from Binance Labs.
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"Crypto President" Trump presses the bull market start button?
"Let's make America the capital of crypto", Donald Trump's words during the presidential campaign ignited the enthusiasm of crypto asset players, and the crypto asset market once staged a "Trump deal". On November 6, the Republican representative was finally successfully elected as the 47th President of the United States, and both the crypto market and the US stock market took off.
Wind data showed that as of the close of the U.S. stock market on Wednesday, the Dow Jones Industrial Average was at 43,729.93 points, up 3.57%; the Nasdaq was at 18,983.47 points, up 2.95%; and the S&P 500 was at 5,929.04 points, up 2.53%. All three major U.S. stock indices closed at record highs.
Wind data showed that as of the close of the U.S. stock market on Wednesday, the Dow Jones Industrial Average was at 43,729.93 points, up 3.57%; the Nasdaq was at 18,983.47 points, up 2.95%; and the S&P 500 was at 5,929.04 points, up 2.53%. All three major U.S. stock indices closed at record highs.
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Bitcoin's "halving" is less than 20 days away. Is using data to "carve a boat and seek a sword" still effective?
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The Hong Kong Monetary Authority will launch a stablecoin sandbox soon
According to Ming Pao, Hong Kong Financial Secretary Paul Chan Mo-po disclosed in the latest Budget that the Hong Kong Monetary Authority will launch a "sandbox" in the short term to allow institutions interested in issuing stablecoins to test stablecoins within a controllable range. issuance process, business model, investor protection and risk management systems, as well as communicating on future regulatory requirements.
Paul Chan also mentioned that the Hong Kong government consulted the public on legislative proposals for establishing a regulatory system for stablecoin issuers at the end of last year, with the goal of establishing a regulatory system that not only protects financial stability but does not stifle innovation.
Chen Maobo added that based on the principle of "same business, same risks, same rules", the Hong Kong Securities and Futures Commission implemented the licensing system for virtual asset trading platforms in June last year. In order to strengthen the protection of investors and consumers, the Hong Kong government is launching a consultation on the supervision of over-the-counter trading services for virtual assets. It will continue to promote Hong Kong through a multi-pronged approach such as timely release of information, comprehensive public education, and strengthening law enforcement. Robust and responsible development of virtual markets.
According to Ming Pao, Hong Kong Financial Secretary Paul Chan Mo-po disclosed in the latest Budget that the Hong Kong Monetary Authority will launch a "sandbox" in the short term to allow institutions interested in issuing stablecoins to test stablecoins within a controllable range. issuance process, business model, investor protection and risk management systems, as well as communicating on future regulatory requirements.
Paul Chan also mentioned that the Hong Kong government consulted the public on legislative proposals for establishing a regulatory system for stablecoin issuers at the end of last year, with the goal of establishing a regulatory system that not only protects financial stability but does not stifle innovation.
Chen Maobo added that based on the principle of "same business, same risks, same rules", the Hong Kong Securities and Futures Commission implemented the licensing system for virtual asset trading platforms in June last year. In order to strengthen the protection of investors and consumers, the Hong Kong government is launching a consultation on the supervision of over-the-counter trading services for virtual assets. It will continue to promote Hong Kong through a multi-pronged approach such as timely release of information, comprehensive public education, and strengthening law enforcement. Robust and responsible development of virtual markets.
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Is Binance short of money?
On February 27, the price of BNBChain Gas token BNB exceeded US$400, an increase of 63.93% from US$244 at the beginning of 2023. It increased by 27.79% from US$313 in the new year this year, with a market value of US$61.763 billion.
Of course, the rise of BNB, which ranks third in market capitalization, is accompanied by the "Little Indian Spring" that started in the crypto asset market on February 8. In addition, thanks to Binance, the original starting point of BNB, the platform has recently been active in the operation and maintenance of LaunchPool, its new asset issuance section.
Starting from December 2023, LaunchPool will speed up the pace of new releases. The number of new releases in the first two months of this year is almost half of that in the whole of last year (11). The value of LaunchPool is that it not only provides benefits to users, but also helps lock in the outflow of BNB and stablecoins.
Of course, the rise of BNB, which ranks third in market capitalization, is accompanied by the "Little Indian Spring" that started in the crypto asset market on February 8. In addition, thanks to Binance, the original starting point of BNB, the platform has recently been active in the operation and maintenance of LaunchPool, its new asset issuance section.
Starting from December 2023, LaunchPool will speed up the pace of new releases. The number of new releases in the first two months of this year is almost half of that in the whole of last year (11). The value of LaunchPool is that it not only provides benefits to users, but also helps lock in the outflow of BNB and stablecoins.
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Two months after the "reconciliation", Binance finally "recovered"
At the end of the first month of 2024, the Centralized Exchange (CEX), the most profitable track in the crypto asset market, has also submitted the most comprehensive data for the whole year.
Based on data from TokenInsight's "Crypto Exchange 2023 Annual Report", DeFiLlama, and CoinGecko, in 2023, the world's top 10 crypto asset exchanges contributed 34.26 trillion U.S. dollars in trading volume throughout the year, a decrease of about 16% from 2022. Among them, in spot and In terms of annual derivatives trading volume, Binance ranks first, with OKX and Bybit ranking second and third respectively.
In terms of market share, Binance has reduced to 48.7% from 54.2% at the beginning of the year. Although it has dropped by more than 5%, it still maintains its dominant position. OKX occupies 16.1%, and Bybit occupies 12.3%. Both of them have increased from the beginning of the year, and together they are not as good as Binance. KaikoData data shows that Binance’s market share has recovered to 49% in the past two months.
Based on data from TokenInsight's "Crypto Exchange 2023 Annual Report", DeFiLlama, and CoinGecko, in 2023, the world's top 10 crypto asset exchanges contributed 34.26 trillion U.S. dollars in trading volume throughout the year, a decrease of about 16% from 2022. Among them, in spot and In terms of annual derivatives trading volume, Binance ranks first, with OKX and Bybit ranking second and third respectively.
In terms of market share, Binance has reduced to 48.7% from 54.2% at the beginning of the year. Although it has dropped by more than 5%, it still maintains its dominant position. OKX occupies 16.1%, and Bybit occupies 12.3%. Both of them have increased from the beginning of the year, and together they are not as good as Binance. KaikoData data shows that Binance’s market share has recovered to 49% in the past two months.
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Bitcoin ETFs attracted $26.7 billion in 11 days, while Grayscale "dragged its feet"
Grayscale and BlackRock's Bitcoin ETF products have been in a "race for first place" in terms of daily net inflows in the short history of their trading days.
Analysts believe that the reason for the large outflow of funds from Grayscale GBTC is that early investors are redeeming and profiting from the product's conversion from a Bitcoin trust to a Bitcoin ETF. In addition, GBTC's management fee, which is higher than that of similar products on the market, may also trigger a change of hands by early investors. Their redemptions lead to outflows, and Grayscale must sell the Bitcoin it manages to process redemption requests.
Grayscale and BlackRock's Bitcoin ETF products have been in a "race for first place" in terms of daily net inflows in the short history of their trading days.
Analysts believe that the reason for the large outflow of funds from Grayscale GBTC is that early investors are redeeming and profiting from the product's conversion from a Bitcoin trust to a Bitcoin ETF. In addition, GBTC's management fee, which is higher than that of similar products on the market, may also trigger a change of hands by early investors. Their redemptions lead to outflows, and Grayscale must sell the Bitcoin it manages to process redemption requests.
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Bitcoin NFT sold for $254,000 at Sotheby's, but it's not the most expensive
When a digital artwork by encrypted artist Beeple sold for a sky-high price of $69.34 million at Christie's, NFT became popular all over the world overnight. This new carrier of digital art emerged from Web3 and entered the mainstream art collection market.
However, as the encryption market enters a bear market, the non-fungible token NFT market has also become sluggish. Famous auction houses including Christie's, Sotheby's, etc. have seen sharp declines in digital art transactions. Until the emergence of Bitcoin NFT, digital art had a new inscription "picture", and another NFT market showed vitality.
However, as the encryption market enters a bear market, the non-fungible token NFT market has also become sluggish. Famous auction houses including Christie's, Sotheby's, etc. have seen sharp declines in digital art transactions. Until the emergence of Bitcoin NFT, digital art had a new inscription "picture", and another NFT market showed vitality.
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Bitcoin ETF applicants "submit their papers" and the answers will be revealed in 2 days
8 a.m. Eastern Time on January 8 (8 p.m. Beijing time on January 8) is the deadline for submitting application documents for spot Bitcoin ETFs stipulated by the U.S. Securities and Exchange Commission (SEC). Except for Hashdex, the other 10 major All applicants have submitted the final version of the S-1 document (Grayscale is S-3), which is an important information disclosure process in the ETF application process.
Whether it passes or not only awaits the final answer from the SEC. Although this high-profile ETF has not yet settled, several applicants have started a fee war.
According to the updated document, BlackRock’s “flexible policy” caught the other party off guard. Its iShare Bitcoin Trust fee rate is “0.20% for the first 12 months or the first $5 billion, and 0.30% thereafter.” The flexibility makes it in the listing Finally, it has the advantage of low rates. After the rate was announced, ARK quickly adjusted this figure from 0.80% to 0.25%.
Whether it passes or not only awaits the final answer from the SEC. Although this high-profile ETF has not yet settled, several applicants have started a fee war.
According to the updated document, BlackRock’s “flexible policy” caught the other party off guard. Its iShare Bitcoin Trust fee rate is “0.20% for the first 12 months or the first $5 billion, and 0.30% thereafter.” The flexibility makes it in the listing Finally, it has the advantage of low rates. After the rate was announced, ARK quickly adjusted this figure from 0.80% to 0.25%.
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Solana has become a meme chain? They are also the ones that support TVL
Priced at US$599, Saga, the Web3 mobile phone officially launched by Solana Blockchain Network, has been in poor sales since its launch in May this year. However, in December, the official airdropped 30 million BONK tokens to each mobile phone buyer. These BONK The tokens are worth US$700 upon receipt, and the mobile phone buyer not only repays his capital but also makes a profit.
As a result of this stimulus, Saga mobile phones were sold at a premium of 500% on eBay, with orders going for $3,000.
The "bait" BONK of Soga mobile phone is also the fuse that has recently made the Solana chain active. This Meme coin (meme concept) with the image of a dog as its logo has risen from around US$0.0000038 to a maximum of US$0.000034 in 30 days, directly " "Pass 0" has increased nearly 10 times. Although it has fallen back to US$0.000015 recently, the increase within the month is still 290%.
As a result of this stimulus, Saga mobile phones were sold at a premium of 500% on eBay, with orders going for $3,000.
The "bait" BONK of Soga mobile phone is also the fuse that has recently made the Solana chain active. This Meme coin (meme concept) with the image of a dog as its logo has risen from around US$0.0000038 to a maximum of US$0.000034 in 30 days, directly " "Pass 0" has increased nearly 10 times. Although it has fallen back to US$0.000015 recently, the increase within the month is still 290%.
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24 meetings, 6 important changes, BlackRock sprints for Bitcoin ETF
Do you predict that the Bitcoin spot ETF will be approved before January 10th?
Do you predict that the Bitcoin spot ETF will be approved before January 10th?
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SEC reveals “new attachment” to put pressure on Binance “will defend its position”
There are new developments in the case of the U.S. Securities and Exchange Commission (SEC) v. Binance.
On December 8, on the US legal document website CourtListerner, three detailed documents regarding the settlement between Binance and regulatory agencies such as the US Department of Justice and the Financial Crimes Enforcement Network (FinCEN) were made public. It is worth noting that the submitter was shown as the SEC. , the securities regulator is not on the list of institutions that Binance has settled with U.S. regulators.
In June this year, the SEC filed a civil lawsuit against Binance, accusing Binance of being an unregistered exchange and illegally supplying and selling securities to U.S. investors. The above three documents were officially included in the latest public attachments by the SEC. In the third document, the SEC also requested the judge to conduct judicial determination of a series of "new criminal evidence and facts" in the settlement agreement.
On December 8, on the US legal document website CourtListerner, three detailed documents regarding the settlement between Binance and regulatory agencies such as the US Department of Justice and the Financial Crimes Enforcement Network (FinCEN) were made public. It is worth noting that the submitter was shown as the SEC. , the securities regulator is not on the list of institutions that Binance has settled with U.S. regulators.
In June this year, the SEC filed a civil lawsuit against Binance, accusing Binance of being an unregistered exchange and illegally supplying and selling securities to U.S. investors. The above three documents were officially included in the latest public attachments by the SEC. In the third document, the SEC also requested the judge to conduct judicial determination of a series of "new criminal evidence and facts" in the settlement agreement.
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Behind the "Inscription" game stands the Bitcoin ecosystem that is waiting to be fed.
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After blue-chip NFTs such as Pudgy Penguin and Doodles started selling peripherals, Axie Infinity, the “originator” of the Web3 gold betting game, also started selling products.
Recently, Axie launched an online store to commercialize 4,877 NFTs in the game and make them into dolls, T-shirts, hoodies, cartoon stickers and other peripherals for sale. In order to promote sales, Axie also gave free NFTs of Mystic Axie’s image to the first 5,000 buyers.
How to develop incremental markets is what Web3 brands are currently working on. The combination of NFT and Web3 games that produce NFT with physical objects is becoming one of the ways to expand influence and generate economic benefits.
Unfortunately, after the release of Axie peripherals, the transaction volume and community number of in-game NFTs have not increased significantly. This Web3 game IP seems to have not really reached the Web2 crowd. On the contrary, the return of the Axie Classic classic game not only brought activity, but also promoted the price of the game token AXS.
Recently, Axie launched an online store to commercialize 4,877 NFTs in the game and make them into dolls, T-shirts, hoodies, cartoon stickers and other peripherals for sale. In order to promote sales, Axie also gave free NFTs of Mystic Axie’s image to the first 5,000 buyers.
How to develop incremental markets is what Web3 brands are currently working on. The combination of NFT and Web3 games that produce NFT with physical objects is becoming one of the ways to expand influence and generate economic benefits.
Unfortunately, after the release of Axie peripherals, the transaction volume and community number of in-game NFTs have not increased significantly. This Web3 game IP seems to have not really reached the Web2 crowd. On the contrary, the return of the Axie Classic classic game not only brought activity, but also promoted the price of the game token AXS.
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