Data: Coinglass Q1 Crypto Market Report

According to ChainCatcher, Coinglass released its Q1 2026 crypto market report, showing that the crypto market maintained high activity overall, but trading volume gradually declined from its peak. The total spot trading volume was approximately $1.94 trillion, and the derivatives trading volume was approximately $18.63 trillion, for a total market size of approximately $20.57 trillion. The derivatives-to-spot ratio was approximately 9.6 times, indicating that the market structure remains derivatives-dominated. In terms of the competitive landscape of trading platforms, Binance continues to maintain its leading position. Its Q1 derivatives trading volume was approximately $4.9 trillion, accounting for 34.9% of the top 10 trading platforms; its average open interest (OI) was approximately $23.9 billion, accounting for 29.9%; and its user asset reserves were approximately $152.9 billion, accounting for 73.5% of mainstream centralized trading platforms. Compared to the second tier, Binance significantly leads in several core metrics: its derivatives trading volume is approximately 2.2 times that of OKX, its average open interest (OI) is approximately 2.2 times that of Bybit, and its user asset size is approximately 9.6 times that of OKX, demonstrating its systemic advantages in liquidity, trading depth, and capital accumulation. In terms of market structure, leading trading platforms have formed a clear stratification. The top five in derivatives trading volume are Binance, OKX, Bybit, Gate, and Bitget; the spot market is relatively fragmented, with the remaining platforms, except Binance, holding roughly 8%–10% market share. Decentralized derivatives platforms are also beginning to enter the mainstream competitive landscape. Hyperliquid's Q1 derivatives trading volume reached approximately $492.7 billion, ranking among the top ten, with an average OI of approximately $6 billion, indicating that on-chain derivatives are shifting from a peripheral supplement to a real competitive force in the market. In terms of liquidity, Binance ranks first in ±1% order book depth for both BTC and ETH spot and futures, demonstrating its advantage in executing large trades. User asset concentration is higher, with Binance alone accounting for over 70% of the market share, far exceeding its trading volume and open interest (OI) share. Overall, the current crypto market exhibits a structure characterized by "derivatives dominance + concentration among leading players." Binance holds a dominant position in multiple dimensions, including trading volume, open interest, liquidity depth, and asset custody, while OKX, Bybit, Gate, and Bitget form the second tier. Meanwhile, influenced by the macroeconomic environment and deleveraging expected in Q4 2025, the market is still in a recovery phase. Going forward, key factors to watch include the Federal Reserve's policy path, BTC ETF fund flows, and global regulatory developments.