Billones de dólares en liquidez criptográfica se están concentrando dentro de los lugares que más temen los reguladores estadounidenses
Burns Brief
La liquidez del mercado criptográfico se está hiperconcentrando cada vez más en un puñado de lugares de negociación masivos, creando una estructura de mercado que los investigadores de los bancos centrales globales advierten que está evolucionando hacia una pesada... La noticia ha sacudido a los participantes del mercado, con los bajistas buscando bajar los precios mientras los alcistas intentan defender niveles clave de soporte. Esté atento a la reacción del $ETH: un movimiento decisivo por encima o por debajo de niveles clave confirmará la próxima tendencia.
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