- Binance dominated spot volume, but Gate.io and OKX led in BTC liquidations due to liquidity.
- High liquidity drives faster unwinding, making smaller exchanges the surprising leaders in liquidation activity.
In a year marked by shifting tides and institutional resurgence, Binance is making moves. This time, its spot trading volume is poised to eclipse that of all other crypto exchanges combined!
While that might suggest total dominance, 2025 has delivered a twist: Binance is not leading the charts in trader liquidations.
According to Joao Wedson, CEO of Alphractal, the answer lies in something many overlook, but few can afford to ignore — liquidity.
Binance’s Spot Volume surge shows institutional strength
After months of subdued competition, Binance’s spot trading volume is once again outpacing all other exchanges… and not by a small margin.
According to Wedson, the chart below shows how Binance is nearing a historic crossover: its BTC spot volume delta is on the verge of flipping positive against the combined total of its competitors.
Source: CryptoQuant
This mirrors a similar pattern seen in early 2024 after the launch of the Bitcoin ETF, when institutional appetite triggered a massive inflow into Binance.
Back then, this volume surge preceded a major rally in Bitcoin’s price; a scenario that seems to be repeating in 2025.
