Crypto market liquidity is increasingly hyper-concentrating within a handful of massive trading venues, creating a market structure that global central bank researchers warn is evolving into a heavily leveraged “shadow crypto financial system.”
Data from CryptoQuant shows that Binance, the world’s largest crypto exchange, cleared over $1 trillion in trading volume during the first 112 days of 2026.
This is significantly higher than the total of rival platforms like MEXC, which stood at about $284.9 billion; Bybit at $242.3 billion; Crypto.com at $219.9 billion; Coinbase at $209.3 billion; and OKX at $195.2 billion.
The gap gives a market…
