A recent report from Coinglass shows that 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 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.