Binance’s (CRYPTO: BNB) spot trading dominance collapsed to 25% in December—its lowest level since January 2021—as offshore rivals Bybit, HTX, and Gate.io absorb volume while on-chain platform Hyperliquid (CRYPTO: HYPE) rewrites how traders access leverage.
Spot Share Down 58% From 2023 Peak
Binance handled close to 60% of all spot crypto trades at its 2023 peak after the FTX collapse.
That number cratered to 25% in December, down from 28.5% in November, according to CoinDesk Data.
The decline marks the exchange’s weakest spot position in four years and signals a structural shift in where crypto’s $3.2 trillion market actually trades.
Spot trading typically accounts for about a quarter of all crypto transactions. The majority happens in derivatives like perpetual futures—and Binance is bleeding there too.
Derivatives Dominance Cut In Half
Binance’s derivatives market share peaked near 70% and now sits at …