Since the approval of the Bitcoin Spot ETF in January, many have focused on BTC ETF flows.

This is understandable, because ETFs provide structured and accessible information.

Coinbase plays an important role in the movement of Bitcoin prices.

However, the volume of spot trading on Binance shows how important the platform remains.

Despite the challenges, Binance maintains dominance.

Comparison of the 2020 and 2023 cycles:

2020: Coinbase $2-3 billion, Binance $5-7 billion

2023: Coinbase $3-4 billion, Binance $10-20 billion

The gap widened significantly, highlighting Binance's impact.

The Bitcoin Spot ETF has brought capital to the market, but does not always influence prices.

Futures volumes on Binance are 4-5 times higher than spot volumes.

Prices in the market are largely dependent on the liquidity of the futures market, and Binance remains a key player.