Binance Dominates Crypto Market in Q1 Amid Signs of Stabilization

The crypto market's performance in Q1 has been dissected by CoinGlass in their latest quarterly research report. The analysis reveals that Binance took center stage across various metrics, including trading volume, open interest, and user asset reserves.

Binance held a substantial lead in these areas, with its dominance extending beyond just derivatives to spot markets as well. In cumulative volume, the exchange accounted for approximately 34.9% of the top 10 exchanges' totals, surpassing OKX's combined totals with Bybit. Its average daily open interest of around $23.9 billion was roughly 2.2 times that of second-ranked Bybit.

Liquidity depth also told a similar story, with Binance averaging an impressive two-sided depth within 1% of the mid-price in BTC futures at approximately $284 million. This figure eclipsed those of OKX and Bybit, which followed closely behind. The same pattern was observed across other sub-markets such as BTC spot, ETH futures, and ETH spot.

The starkest gap emerged in user asset reserves, with Binance holding a massive 73.5% of the top 10 exchanges' totals at approximately $152.9 billion. OKX trailed significantly behind with just $15.9 billion. The concentration of assets on Binance highlights its strong brand trust, product ecosystem breadth, and convenience for users.