Binance’s position as the crypto market’s primary liquidity hub is being reaffirmed, as new data shows stablecoins and spot trading activity continuing to concentrate on the exchange rather than dispersing across competitors.

It’s on record on CryptoQuant data shows that $47.5 billion in stablecoins is currently held on one exchange, with Binance accounting for roughly 65% of all stablecoin liquidity across centralized exchange.

The concentration comes even as broader bear market outflows continue to slow, signaling a shift in where capital is parked rather than an exist from crypto altogether. Stablecoins are a key proxy for deployable capital in crypto markets, which is often used as dry powder for trading, hedging and risk management.

Spot market data reinforces the same trend. In January, Binance generated $409 billion in spot trading volume, marking a 12% month-over-month increase, accounting to CyptoQuant.