According to the most recent data provided by the analytics firm CryptoQuant, trading activity has decreased drastically in recent weeks, but Binance has consolidated itself as the undisputed epicenter of capital flows. Traders are massively moving their assets towards this platform, seeking refuge and liquidity amidst the deepening of the current market correction.
Daily spot trading volume has plummeted significantly, going from almost 100 billion dollars in early November to around 65 billion currently, reflecting generalized caution. Despite this contraction in global participation, Binance continues to command a substantial share of global trading flows, recording 25 billion in spot volume in the last 24 hours.
In the perpetual futures market, the difference is even more notable, as the platform processed 62 billion dollars extending its competitive advantage against smaller rivals like OKX and Crypto.com. This gap underscores the exchange’s entrenched position as the industry’s primary liquidity hub, even during periods of acute financial stress where risk appetite decreases considerably.
Is a market recovery looming driven by accumulated liquidity?
While trading volumes contract, the accumulation of dollar-pegged assets has increased, signaling a clear defensive strategy by institutional and retail investors. Combined USDT and USDC balances on Binance reached a historic record of 51.1 billion dollars on November 15, marking the highest level in its corporate history.
This massive increase in stablecoin reserves suggests that traders are hedging against volatility by locking in recent profits, or preparing for an opportunistic re-entry at lower price levels. Similarly, other platforms like OKX have also seen robust inflows, with their reserves approaching 10 billion this month, confirming a broad rotation towards safety.
The value of major digital assets flowing into exchanges has risen sharply, which is generally interpreted as a signal of imminent selling pressure in the short term. In the last week, total Bitcoin and Ethereum inflows reached 40 billion dollars, with Binance again capturing the largest share of these massive deposits.
The platform received 15 billion, more than one-third of all major asset inflows, while Coinbase recorded 11 billion. Furthermore, altcoin deposits remain elevated, indicating that investors are actively relocating capital across the long tail of assets, seeking to liquidate positions or reposition their portfolios given the weakness of the cryptocurrencies market.
