The Importance of Binance

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CEO @Richard Teng stated that the exchange #Binance has reached the milestone of 240 million registered users. Binance is increasingly playing a significant role in shaping the cryptocurrency market.

Since the approval of the Bitcoin Spot ETF in January, many have shifted their focus to the BTC ETF capital flow. Coinbase significantly affects Bitcoin prices, but the spot trading volume on Binance shows that Binance remains a key player in the market.

Comparing the Bitcoin cycles of 2020 and 2023:

2020:

- Coinbase spot volume: 2 -> 3 billion USD.

- Binance spot volume: 5 -> 7 billion USD.

2023:

- Coinbase spot volume: 3 -> 4 billion USD.

- Binance spot volume: 10 -> 20 billion USD.

The volume gap has widened significantly, leaving Coinbase behind, affirming Binance's influence.