The evolution of trading volumes on Binance

In the past, BTC and ETH served as suitable metrics for the crypto landscape as a whole. As little as 2 years ago it was a reasonable assumption that this thesis held true. However, crypto moves fast and old theses must be replaced by new.

Market statistics obtained via Binance spot and derivatives exchanges provide a useful proxy for the behaviour of the centralised crypto market. Currently, volumes of Binance dwarf other exchanges. As of November 30th, Binance saw ~$34 billion daily spot volumes and ~$90 billion in daily derivatives volumes.  In spot markets, Coinbase is the next largest with ~$7.6 billion. OKEx is the second-largest in derivatives markets with ~$27 billion.