The annual report of CryptoQuant 2025 has been released, indicating that Binance has evolved into a black hole in global cryptocurrency liquidity. In the exchange, it is a fragmented liquidity overlord. I have created several visual images that clearly show the comparison of market share with other exchanges. 1. Spot trading: a fragmented market dominance. -By 2025, Binance's spot trading volume is expected to approach $7 trillion -Market share: Binance holds a 41% share of the top ten exchanges -Compared to competitors, it is 4.6 times that of the second ranked Bybit (1.5 trillion) and 5 times that of MEXC (1.4 trillion). This means that whether you want to buy or sell, Binance can provide the lowest sliding point across the entire network. Especially in the field of altcoins, Binance's depth is almost the sum of other platforms. The main credit for the significant gap between Binance Alpha and other platforms in 2025 should be attributed to Binance Alpha. 2. Derivatives trading: becoming the absolute heart of Bitcoin trading What do contract players value the most? It is the ultimate liquidity. Especially in the core battlefield of Bitcoin perpetual contracts, Binance has demonstrated terrifying dominance. -Transaction volume: 25.4 trillion US dollars -Dominance level: This data is more than OKX (11.3 trillion)+Bybit (9.6 trillion) combined -Market share: 42% For large funds and bulk traders, ultimate liquidity is about saving money and reducing risk. 3. Capital reserve: stablecoin reserve ranks first, with a total capital volume exceeding Coinbase Stable coin reserves: Binance holds $47.6 billion in USDT and USDC. As a comparison, the second ranked OKX is only $9.3 billion. Binance's stablecoin depth is 5 times that of OKX. Total asset size: The total reserves reached $117 billion, which is 45% higher than the traditional veteran exchange Coinbase ($81 billion). Coinbase has been leading Binance in terms of exchange reserve assets for a long time, but now the gap has been widened. 4. Objective comparison: What are competitors doing? Although Binance has suppressed data, its competitors in 2025 also have their own characteristics and are not without achievements. -OKX ranks second in the derivatives field compared to Binance, but its Web3 wallet ecosystem remains competitive. Stable coin reserves are about 20% of Binance's, and spot liquidity is relatively low. However, integrating the wallet's spot advantage into the exchange allows for direct asset trading on the exchange chain, complementing the spot trading experience. -Bybit's spot market has grown rapidly (1.5 trillion yuan) and has made significant efforts in institutional services. The trading volume is about 1/4 of Binance. -Coinbase has an advantage in the US compliant market and institutional custody (BTC ETF). On chain activity is 33% lower than Binance, and asset circulation efficiency is slightly lower. But the business of public chain BASE and the acquisition of Deribit derivatives in 2025 are also strong cash cows. -MEXC still attracts radical users with its fast coin listing and large number of coins, but its transaction depth and security trust are relatively weak. Originally a stronghold of counterfeit trading, but weakened due to the rise of Binance Alpha, it remains the most active exchange for counterfeit trading. The conclusion of CryptoQuant's report is very direct, that Binance has built a comprehensive closed loop from depth to security, and then to user activity. In the encrypted world, liquidity will give rise to more liquidity. The scale effect that Binance can achieve by 2025 is largely due to Alpha's contribution. If Binance's spot and contract markets are its backbone, then Binance Alpha is the overpressure turbine that continuously delivers traffic and funds to the backbone.