2025 CEX Annual Report by @WuBlockchain : Binance lead the Global market
🔸The 2025 CEX annual data makes one thing clear: Binance isn’t just leading — it’s structurally dominant.
🔸On spot markets, Binance $BNB alone processes nearly 5× the volume of the second-ranked exchange, a gap that’s less about marketing and more about liquidity gravity. Once depth, tight spreads, and user flow concentrate, they tend to stay concentrated.
🔸What’s more interesting is the split by product:
- Spot: Binance remains the undisputed liquidity hub.
- Derivatives: Binance still leads, but OKX, Bybit, and Bitget form a competitive second layer focused on leverage-heavy traders.
🔸The takeaway isn’t just “Binance is big.”
- >It’s that Binance has successfully become the default venue across both retail spot flow and institutional-scale derivatives, while competitors are forced to specialize.
-> In market structure terms, this looks less like competition and more like a hub-and-spoke system — and Binance is the hub.
