The post Binance bulls face make-or-break test as spot dominance hits 25% low appeared on BitcoinEthereumNews.com.

Binance’s spot share has slid from ~60% to 25% and derivatives from ~70% to ~35% as offshore CEXs and on-chain platforms like Hyperliquid steadily erode its once-dominant position. Summary Binance spot share dropped to 25% in December, its lowest since January 2021, while derivatives dominance has halved to about 35%, signaling a structural, not temporary, shift.​ Flows are rotating to offshore CEXs such as Bybit, HTX and Gate, and to on-chain derivatives venues like Hyperliquid, as U.S. crypto activity leans on OTC and non-exchange channels.​ Binance is responding with management changes, new licenses in Abu Dhabi and a Trump pardon easing some U.S. pressure, but faces intensifying competition across spot and derivatives Binance, the world’s largest cryptocurrency exchange, has experienced a significant decline in its dominance of the spot cryptocurrency market, according to recent market data. The exchange’s share of global spot trading volume fell to 25% in December, the lowest level recorded since January 2021, according to data reported by Bitcoin Sistemi. In November, the share stood at 28.5%. At its peak in 2023, Binance handled approximately 60% of global spot transactions. Binance spot assets drop 25% in December Spot transactions encompass trades where crypto assets are directly bought and sold and ownership changes hands. In the cryptocurrency market, with a total size of approximately $3.2 trillion, spot transactions generally account for about a quarter of the total volume, with the majority of transactions concentrated in derivative products such as perpetual futures contracts. The company’s market share has also declined in the derivatives market, its main source of revenue. Binance’s share of the derivatives trading market has fallen from a peak of approximately 70% to around 35%, according to the data. While Binance remains the world’s largest centralized exchange in both spot and derivatives trading, the declines indicate intensifying competition…

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Filed under: News - @ January 15, 2026 11:22 am