Joao Wedson, CEO of cryptocurrency analysis firm Alphractal, highlighted a striking development in the Bitcoin spot market.
According to Wedson, Binance has been moving back towards market leadership in terms of spot trading volume in recent weeks.
According to Alphactal data, Binance’s share, which accounted for approximately 40% of the Bitcoin spot market volume in April 2025, has now approached 45%. This suggests that Binance is on track to surpass the combined volume of all other exchanges.
Wedson reminds us that this kind of volume concentration has been observed in previous cycles: “Historically, when Binance has achieved leadership in spot volume, significant increases in Bitcoin prices have followed. This typically signals the entry of institutional investors seeking more efficient trading with increased liquidity, deeper order books, and lower slippage rates.”
Wedson also noted a significant shift in the Spot Volume Delta data between Binance and other exchanges. After months of negative net flows, Binance has begun to experience positive inflows again.
Percentage distribution charts show Binance reaching its highest dominance in spot volume since the end of 2023. However, Wedson cautions that despite this rise, total spot volume is still below the peaks of late 2024 and early 2025.
“This resurgence of Binance could lead to a re-centralization of liquidity and more efficient price discovery. Historically, such consolidations often precede phases of market expansion,” Wedson said, adding that there is still significant growth potential for institutional and individual investors.
*This is not investment advice.
