CryptoQuant announced on X that stablecoin liquidity is concentrating on Binance, which it reported holds $47.5B in stablecoins and 65% of all exchange stablecoin liquidity as outflows slow.
The trend highlights a shift in crypto market dynamics, with capital consolidating on major platforms rather than exiting the ecosystem. According to CryptoQuant, “The analysis found that competing exchanges remain far behind Binance, citing OKX, Coinbase, and Bybit as holding much smaller shares of overall activity. At the same time, bear-market outflows have slowed, suggesting traders aren’t exiting crypto altogether — they’re consolidating where liquidity is deepest. CryptoQuant summarized the trend bluntly: capital isn’t leaving crypto, it’s concentrating, pointing to deeper liquidity on the largest platforms where traders already operate,” according to CryptoQuant.
Binance’s position is further underscored by its trading volumes. According to CoinMarketCap, Binance posted $518.32 billion in spot trading volume and $1.6 trillion in derivatives volume in January 2026, totaling more than $2.1 trillion for the month. This figure is about 2.6 times greater than MEXC, the next-largest exchange by combined spot and derivatives trading volume.
In addition to its dominance in stablecoins and trading activity, Binance has maintained significant Bitcoin reserves despite recent market volatility. In a separate analysis, CryptoQuant reported that “despite recent volatility and negative sentiment, Binance held 659,000 BTC as of late January 2026. That figure is nearly unchanged from 657,000 BTC at the end of 2025 and about 7 percent above its yearly low (…). The data suggests no meaningful erosion of Binance’s Bitcoin reserves during the recent sell-off (…). Notably, the snapshot was taken before Binance announced converting its SAFU fund into BTC, meaning the total does not yet reflect any additional Bitcoin purchases tied to that move,” according to <a href="https://cryptoquant.com/community/dashboard/697ffcd3f9e47748502fe883″>CryptoQuant.
CryptoQuant describes itself as a provider of on-chain and market data analytics for institutions and professional crypto investors. The company offers dashboards and metrics covering exchanges and multiple chains with a focus on “actionable insights” derived from both on-chain and off-chain data. (Source)
