Binance's Spot Trading Share Plummets to 25%, Lowest in Four Years
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 14 2026
0mins
Should l Buy COIN?
Source: Benzinga
- Spot Trading Share Collapse: Binance's spot trading market share plummeted from nearly 60% at its 2023 peak to 25%, indicating a structural shift in its position within the $3.2 trillion crypto market, which could impact its future competitiveness.
- Derivatives Market Share Halved: Binance's derivatives market share has decreased from nearly 70% to around 35%, and while it remains the largest centralized platform, this trend suggests a sustained erosion of its market dominance, potentially leading to revenue declines.
- Offshore Exchanges Capture Volume: The lost trading volume has not flowed to U.S. platforms but has been absorbed by offshore exchanges like Bybit and HTX, indicating a shift in market structure that could affect Binance's customer base and trading volume.
- Leadership Change Signals Reset: Binance's recent appointment of co-founder Yi He as co-CEO marks the biggest leadership shift since Changpeng Zhao stepped down two years ago, yet the ongoing loss of market share remains unaddressed.
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Analyst Views on COIN
Wall Street analysts forecast COIN stock price to rise
25 Analyst Rating
17 Buy
7 Hold
1 Sell
Moderate Buy
Current: 202.990
Low
230.00
Averages
361.63
High
440.00
Current: 202.990
Low
230.00
Averages
361.63
High
440.00
About COIN
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the onchain economy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. The Company offers products and services to various customer groups: consumers, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime trading, markets, base protocol and Coinbase wallet. The Company also provides market infrastructure in the form of exchanges for customers to trade spots and derivatives.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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