CryptoQuant analyst Maartunn released data showing that the spot trading volume of the crypto market in 2024 is highly concentrated, with Binance accounting for 46.59% of the market share with a trading volume of 7.23 trillion dollars, leading the market. The top five exchanges (Binance, Bybit, Crypto.com, OKEx and Coinbase) together accounted for 81.24% of the market share, and medium-sized exchanges such as Upbit, Huobi and Bithumb Korea contributed significantly, but the individual market share was less than 10%. In contrast, small exchanges such as Coinone, Korbit and Binance have less than 0.2% of the US market share, and the overall impact is limited.