Joao Wedson, CEO of Cryptocurrency Analysis Firm Alphractal, highlighted impressive developments in the Bitcoin spot market.
According to Wesson, Binance has returned to market leadership in terms of spot trading volume over the past few weeks.
According to Alphactal Data, Binance, which accounted for around 40% of Bitcoin’s spot market volume in April 2025, is currently approaching 45%. This suggests that Binance is on track to outperform the total volume of all other exchanges.
Wedson reminds us that this type of volume concentration has been observed in previous cycles. “Historically, when Binance achieved spot volume leadership, there was a significant rise in Bitcoin prices, indicating the entry of institutional investors who want to trade more efficiently with increased liquidity, deeper purchase orders and increased slip rates.”
Wedson also noted a significant change in spot volume delta data between vinance and other exchanges. After several months of negative net flow, Binance began to experience positive influx again.
The percentage of distribution chart shows Binance reaching the highest dominance in spot volume since the end of 2023. However, Wedson warns that despite this rise, the total spot volume is still below its peak in late 2024 and early 2025.
“This revival of vinanence could lead to liquidity recenter and more efficient price discovery. Historically, such integrations often precede the stage of market expansion,” Wesson said, adding that there is still a significant growth potential for facilities and individual investors.
*This is not investment advice.
