Golden Finance reported that CryptoQuant analyst Maartunn released data showing that spot trading volume in the crypto market is highly concentrated in 2024, with Binance leading the market with a 46.59% market share of US$7.23 trillion in trading volume. The top five exchanges (Binance, Bybit, Crypto.com, OKEx and Coinbase) collectively account for 81.24% of the market share. Medium-sized exchanges such as Upbit, Huobi and Bithumb Korea contribute significantly, but individual market shares are less than 10%. In contrast, small exchanges such as Coinone, Korbit and Binance have a US market share of less than 0.2%, and their overall impact is limited.