Binance's spot cryptocurrency trading market share has dropped to 25%, the lowest level since early 2021

According to Bloomberg, CoinDesk data shows that Binance's market share in the cryptocurrency spot trading has dropped to 25%, the lowest level since 2021, far below the nearly 60% peak in 2023.

Its market share in derivatives trading has also fallen from a peak of nearly 70% to about 35%. Analysts point out that trading activity flowing out of Binance is primarily shifting to non-U.S. exchanges such as Bybit, HTX, and Gate, while trading volume at U.S. exchanges, including Coinbase, has seen relatively limited growth. Meanwhile, on-chain trading platforms like Hyperliquid are attracting more derivatives trading, indicating a profound shift in market structure.