Billionen Dollar an Krypto-Liquidität konzentrieren sich an den Orten, die die US-Regulierungsbehörden am meisten fürchten
Burns Brief
Die Liquidität des Kryptomarktes konzentriert sich zunehmend auf eine Handvoll großer Handelsplätze, wodurch eine Marktstruktur entsteht, von der globale Zentralbankforscher warnen, dass sie sich zu einem schweren Markt entwickelt. Achten Sie auf die Reaktion von $ETH – eine entscheidende Bewegung über oder unter Schlüsselniveaus wird den nächsten Trend bestätigen.
Crypto market liquidity is increasingly hyper-concentrating within a handful of massive trading venues, creating a market structure that global central bank researchers warn is evolving into a heavily leveraged “shadow crypto financial system.” Data from CryptoQuant shows that Binance, the world’s largest crypto exchange, cleared over $1 trillion in trading volume during the first 112 days of 2026. This is significantly higher than the total of rival platforms like MEXC, which stood at about $284.9 billion; Bybit at $242.3 billion; Crypto.com at $219.9 billion; Coinbase at $209.3 billion; and OKX at $195.2 billion. Crypto Exchanges Trading Volume in 2026 (Source: CryptoQuant) The gap gives a market anchor to a new Financial Stability Institute paper published by the Bank for International Settlements, which said large crypto platforms have expanded beyond trading and custody into yield products, lending, derivatives, staking, and token-related services. The paper described many of these trading platforms as “multifunction cryptoasset intermediaries” (MCIs) because they now combine roles that are usually split among banks, brokers, exchanges, and custodians in traditional finance. Due to this, BIS flagged concerns that the crypto trading venues attracting the deepest liquidity are also becoming the places where users store assets, post collateral, take leverage, and seek yield. That has turned the current exchange concentration into a wider question for regulators: whether platforms built for crypto trading have become financial intermediaries before the rules around customer assets, leverage, and liquidity risk have caught up. Liquidity is concentrated where risk is rising Crypto’s trading base has not spread evenly across hundreds of platforms despite years of exchange failures, enforcement actions, and market drawdowns. The BIS paper said there were about 200 to 250 active centralized spot exchanges as of 2025, but trading remained dominated by a small group of la
Key Takeaways
- ” Data from CryptoQuant shows that Binance, the world’s largest crypto exchange, cleared over $1 trillion in trading volume during the first 112 days of 2026
- This is significantly higher than the total of rival platforms like MEXC, which stood at about $284
- Due to this, BIS flagged concerns that the crypto trading venues attracting the deepest liquidity are also becoming the places where users store assets, post collateral, take leverage, and seek yield
- Liquidity is concentrated where risk is rising Crypto’s trading base has not spread evenly across hundreds of platforms despite years of exchange failures, enforcement actions, and market drawdowns
- The BIS paper said there were about 200 to 250 active centralized spot exchanges as of 2025, but trading remained dominated by a small group of large platforms