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Coinglass's Q1 2026 report compared spot and futures trading volumes, open interest, and BTC and ETH market depth across exchanges, among other aspects. It seemed (for example, Figure 1) that one exchange was dominant while many others were relatively strong, with little difference between them.
However, exchanges can easily manipulate this data; I've heard of exchanges paying market data websites to improve their rankings.
I feel that the data in Figure 2 truly reflects the gap between other exchanges and Binance. 🙃

CoinGlass
@coinglass_com
CoinGlass 2026 Q1 Cryptocurrency Market Share Research Report
One key takeaway from the Report:
Trading stayed active, but liquidity and capital became even more concentrated at the top.
Binance remained the clear leader in volume, OI, depth, and reserves, while Hyperliquid


Having assets but no stable cash flow changes your mindset.
Data accumulation can also be faked. For example, an exchange CEO might deposit all of his own issued tokens into the exchange. 🤣🤣🤣
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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