[After the “final liquidation”, Binance’s share can only be higher, not lower]

By calculating the data of exchanges that have disclosed asset address certificates, excluding the impact of altcoins on the results, and only counting the three hardest currencies, namely BTC, ETH, and USDT, the total assets of mainstream exchanges are approximately US$70 billion.

It can be imagined that the entire crypto market, including spot and derivatives, has a core trading activity of US$150-200 billion per day, which is derived from the underlying assets of US$70 billion. Among them, Binance has the largest share of 49%, which has been stable at around 50% since the middle of last year. This ratio is close to/slightly higher than its share of the trading volume market.

We believe that after the large penalties from US regulations and the reorganization of Binance’s management, the exchange will only improve its credibility rather than decline. There may be some fund outflows in the short term, but this will not affect the general trend, as Mainstream exchanges that have cleared their main risks have no reason to compete, but other exchanges that have not yet cleared their risks and manage relatively black boxes.