U.S. volatility expands, liquidity flows to Binance… trading metrics repeatedly set records

As crypto market volatility expands again, analysis suggests global liquidity is concentrating on Binance. Trading metrics across spot and derivatives have been setting record highs, and the assessment is that market risk-aversion and hedging demand are flowing to large exchanges.

On the 16th (local time), Cryptopolitan reported that the volume of crypto assets flowing into Binance since 2025 totaled $1.17 trillion. This is a 31% year-on-year increase, widening the gap with competing exchanges. During the same period, Binance surpassed 300 million users, expanding its user base.

Binance's spot trading volume also shows an overwhelming level. Annual spot trading volume this year is expected to reach about $7 trillion, which is roughly five times that of the second-ranked exchange Bybit. CryptoQuant said the number of spot trades in 2025 reached 24.1 billion, a record high, which is a 4% year-on-year increase and more than three times the level in 2022.

Binance's presence in the derivatives market is also clear. The number of perpetual futures trades this year was 49.6 billion, exceeding last year's 37.3 billion by 33%. The volume of perpetual futures trading has already surpassed $24.6 trillion, more than double that of OKX.

Julio, head of research at CryptoQuant, evaluated that the current rise in trading metrics shows structural growth in user activity across the bull market phase. In fact, Binance recorded a 41.1% global spot trading share as of June and thereafter maintained about a 39.8% share in the centralized exchange market.

This concentration of liquidity coincides with the return of market volatility. According to Glassnode analysis, during the market downturn a few weeks ago, risk-aversion and hedging demand surged, and when Bitcoin (BTC) prices fell to the low $80,000s, put option demand increased significantly. Volatility has somewhat eased but remains at a higher level compared with the previously extremely low volatility period over the past six months.

Glassnode analyzed that this suggests a shift away from a low implied volatility phase toward a more active volatility environment. In this process, hedging, arbitrage, and high-frequency strategies become active, strengthening a structure in which large exchanges with deep liquidity benefit.

In the market, some interpret this flow as once again showing structural features of the crypto market. Liquidity tends to concentrate even more where liquidity is already abundant, and Binance is seen at the center of both spot and perpetual futures. However, it is also pointed out that the price discovery role of some regionally specialized exchanges and regulated institutional exchanges remains important.