Derivatives Dominate Binance Trading Activity

Binance's spot trading volume accounts for only about 10% of its perpetual futures volume, according to an analysis by CryptoQuant contributor Joao Wedson.

This ratio suggests that leveraged positioning and speculative flows continue to dominate exchange activity on the platform.

The current setup is not inherently bearish, but it does indicate a market heavily tilted toward derivatives.

Wedson notes that even during periods of price strength for Bitcoin (BTC), spot trading did not expand as much as perpetual futures.