PANews reported on January 15th that, according to Bloomberg, CoinDesk data shows that Binance's market share in cryptocurrency spot trading fell to 25% in December 2025, the lowest level since January 2021, far below its peak of nearly 60% in 2023. Its market share in derivatives trading also dropped from a peak of nearly 70% to approximately 35%. Analysts pointed out that trading activity flowing out of Binance has mainly shifted to non-US exchanges such as Bybit, HTX, and Gate, while trading volume growth on US exchanges, including Coinbase, has been relatively limited. Meanwhile, on-chain trading platforms like Hyperliquid are attracting more derivatives trading, indicating a profound shift in market structure.


