Binance's Spot Market Share Drops to 25%, Lowest Since 2021

2026-01-15 13:29

Binance's market share in cryptocurrency spot trading fell to 25% in December 2025, marking its lowest level since January 2021. This decline is significant compared to its peak of nearly 60% in 2023. The exchange's derivatives trading market share also decreased from a high of nearly 70% to about 35%. Analysts attribute the shift to trading activity moving away from Binance towards non-US exchanges like Bybit, HTX, and Gate. In contrast, US exchanges such as Coinbase have seen limited growth in trading volumes. Additionally, on-chain platforms like Hyperliquid are gaining traction in derivatives trading, indicating a notable change in the market landscape.

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