Binance Spot to Futures Ratio Hit All-Time High, Bullish Data Emerge Onchain

The Binance Spot to Futures Ratio has surged to its highest point in one and a half years. This signals a notable shift in trader behavior and sets the tone for a potentially volatile market.

Data from CryptoQuant confirms that the ratio has reached 4.9 as of May 23, 2025.

This indicates that the futures trading volume is now 4.9 times greater than the spot trading volume on Binance.

Binance Exchange Flow Trends Point to Heavy Futures Activity

The latest trend on Binance shows futures trading is firmly taking the lead over spot trading.

According to on-chain data, the exchange recorded a sharp rise in futures activity. Notably, it reached levels not seen since late 2023.

The surge came back after the leading exchange discontinued its zero-fee spot trading offer.

This prompted traders to move towards leveraged positions. The current rise, however, is more deeply tied to speculative appetite.

Binance now holds $12.8 billion in open interest for Bitcoin futures, making it the largest platform for futures trading globally.

More importantly, Bitcoin is not the only asset seeing action per volume. Other assets like TRON are experiencing rising open interest levels.

Based on general perception, this points to a broad-based increase in futures participation.

These numbers reflect growing risk sentiment among traders willing to take bigger positions to chase gains.

Stablecoin inflows, particularly in USDT, are another key signal. The crypto exchange currently manages over $24 billion in available stablecoin liquidity.

This implies that fresh capital is entering the platform to fuel futures activity.

The preference for futures over spot trading is evident, and it has shifted the way traders approach short-term market moves.

What the High Ratio Means for Asset Liquidity

With more users engaging in futures, spot markets have seen much thinner volumes. This sharp divide has created a liquidity imbalance.

For instance, spot exchanges now hold only $90 million in ERC-20 USDT reserves. This is a drop compared to the billions moving through futures.

This shift could make it harder for retail traders to enter or exit positions without facing slippage.

This trend also comes with risk. Increased leverage boosts the chance of forced liquidations if market prices swing unexpectedly.

While the surge in futures points to market confidence, it raises concerns about how sustainable this activity is, especially if sentiment turns.

Reports show that Binance now controls 22% of all exchange reserves. This is evident in its strong position, but the strain on spot liquidity is something to watch.

Binance and Product Rollout, Latest Updates to Note

Despite the spotlight on futures, Binance still has positive ecosystem updates linked to its platform and products.

A recent report shows VanEck has filed an S-1 with the SEC to launch a spot Binance Coin ETF. This will further help put the highlight on BNB.

In February 2025, Binance.US launched new USD deposit and withdrawal options via bank transfers.

This was rolled out to simplify Fiat entry for U.S. customers. The update also includes Android app support, allowing users to move funds quickly via mobile.

Meanwhile, US lawmakers are raising questions about Donald Trump’s crypto ventures and their links to the crypto exchange.

This follows Eric Trump’s announcement that World Liberty Financial’s USD1 stablecoin will be used to settle a $2 billion investment from Abu Dhabi-based MGX into Binance.