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According to a recent report by Coinglass, as reported by Odaily Planet Daily, the total trading volume of the crypto market in the first quarter of 2026 was approximately $20.57 trillion, of which spot trading accounted for approximately $1.94 trillion and derivatives for approximately $18.63 trillion. The ratio of derivatives trading volume to spot trading volume was approximately 9.6 times, indicating that market activity remained primarily concentrated in the derivatives sector. The report points out that Binance maintained its leading position in several key metrics. Its first-quarter derivatives trading volume was approximately $4.90 trillion, accounting for approximately 34.9% of the top ten exchanges; its average open interest was approximately $23.9 billion, accounting for approximately 29.9%; and its user assets totaled approximately $152.9 billion, accounting for approximately 73.5% of major exchanges. Overall, the market has formed a structure with Binance at the top, OKX as the core of the second tier, and other platforms distributed in the secondary tier.

According to Coinglass's Q1 2026 Crypto Market Report, the overall crypto market maintained high activity, 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 ratio of derivatives to spot trading volume 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 industry leadership: 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 a systemic advantage in liquidity, trading depth, and capital accumulation. In terms of market structure, the 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 transitioning 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 markets, demonstrating outstanding large-scale trade execution capabilities. User asset concentration is also 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.

According to Huoxun Finance, at 09:32, 355.16 BTC (worth approximately $23.74 million) were transferred from an anonymous address starting with bc1qpekw0... to another anonymous address starting with bc1qtx76... Subsequently, the receiving address transferred 355.14 BTC to a third anonymous address starting with bc1qn5q8...

According to Huoxun Finance, since the Drift Protocol security incident, wallet addresses associated with its team have transferred 56.25 million DRIFT tokens, worth approximately $2.44 million, to Bybit and Gate.