A notable shift is taking place in the Bitcoin spot trading landscape. Binance, after months of lagging behind competitors, is once again emerging as the dominant exchange by volume.
According to new data from analytics firm Alphractal, Binance’s share of BTC spot volume has risen to nearly 45%, climbing from around 40% in April 2025. It’s the highest level of market share the exchange has seen since late 2023.
Alphractal CEO Joao Wedson believes the resurgence could have broader implications for Bitcoin’s price trajectory. “In past cycles, we’ve seen a clear correlation between Binance’s dominance in spot markets and subsequent bullish moves in BTC,” he explained. Wedson argues that institutional traders often prefer exchanges with deep liquidity and reliable execution—conditions that tend to develop when one venue regains a critical mass of volume.
Adding to the trend, Wedson highlights a notable reversal in Binance’s net flows. After a prolonged stretch of negative volume delta versus other platforms, Binance is once again seeing positive inflows. This suggests that both retail and institutional capital may be gravitating back toward the exchange, drawn by better spreads and deeper order books.
Despite the encouraging metrics, total Bitcoin spot volume across the market remains lower than the highs recorded in late 2024 and early 2025. Still, the consolidation of activity onto a single platform like Binance often precedes stronger price discovery and higher trading efficiency—two factors that historically have signaled the beginning of upward momentum.
Wedson remains cautiously optimistic. While the recovery in Binance’s dominance doesn’t guarantee a breakout, it does lay the groundwork for renewed investor confidence. As more liquidity returns to a central venue, Bitcoin could be setting up for a fresh leg higher—especially if macro conditions and institutional sentiment continue to align.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.