2025 is over, there is a lot of market noise, but where did the money go? Just finished reading CryptoQuant's 2025 data, I thought the gap between exchanges was narrowing, but I found that the situation of "one super, many strong" is even more exaggerated than I imagined. Data doesn't lie, this year Binance @ binancezh @ cz-binance @ heyibintance's dominance in liquidity and depth is almost discontinuous. Let's first look at the core spot data. In 2025, the spot trading volume of Binance will approach 7 trillion US dollars. What is the concept of this number? It is 4.5 times that of the second ranked Bybit (1.5 trillion) and 5 times that of MEXC. It accounts for 41% of the total share of the top ten CEX spot markets. For those who want to reduce slippage in large transactions, this is not just about numbers, but also the cost advantage of real gold and silver. In terms of contracts, liquidity remains the king. The annual trading volume of Binance Bitcoin perpetual contracts reaches $25.4 trillion. This is not only the first place, but even exceeds the sum of the second place OKX and the third place Bybit. What does this mean? This means that in extreme market conditions, the depth here can withstand greater selling pressure and the risk of penetration is relatively lower. The asset safety that everyone is most concerned about can be understood by looking at the reserve fund. Binance's current stablecoin reserves (USDT+USDC) have reached 47.6 billion US dollars, which is five times that of the second place. The total reserve assets (BTC/ETH/stablecoins, etc.) are as high as $117 billion, which is 45% higher than Coinbase. This is the so-called 'fortress level' balance sheet. In addition to Ethereum, the activity of altcoins is also a barometer. In 2025, Binance processed over 1.6 million altcoin deposit and withdrawal transactions, which is 33% more than Coinbase. Whether it is the accumulation of assets in the primary market or the circulation in the secondary market, this is still the most active hub of crypto at present. Data is in front of us: By 2025, Binance will lead in spot, contract, and reserve markets comprehensively. If you value trading depth and fund security, this will still be your first choice in 2026. Don't you want to hear that wind is rain? Take a look at CryptoQuant's dashboard data for yourself: https://(cryptoquant.com)/community/dashboard/695c6e246f89e81772a357eb