[Binance Spot Crypto Trading Market Share Drops to 25%, Lowest Since Early 2021] According to Bloomberg, CoinDesk data shows that in December 2025, Binance's cryptocurrency spot trading market share dropped to 25%, the lowest level since January 2021, significantly lower than the nearly 60% peak in 2023. Its market share in derivatives trading also fell from a peak of nearly 70% to about 35%. Analysts pointed out that trading activity flowing out of Binance has mainly shifted to non-U.S. exchanges such as Bybit, HTX, and Gate, while the trading volume of U.S. exchanges, including Coinbase, has seen relatively limited growth. At the same time, on-chain trading platforms like Hyperliquid are attracting more derivatives trading, indicating a profound structural shift in the market.