The recent heated conflict and the emergence of new details between Binance and FTX have increased volatility in the cryptocurrency market.

Binance’s growing dominance in the crypto market:

Vettel Land, chief analyst at Arcane Research, said that Binance will indeed pay to secure its dominance.

Binance really pushes to gain its dominance.

Binance’s spot volume dominance rose from 50-60% to 80-90% of the market after the fee was removed.

Additionally, Binance accounts perp free interest 40% (ETH + BTC).

FTX OI Dom dropped from 25% to 14%. 2 to 4 p.m. pic.twitter.com/ivmeXBSAEm

— Vetle Lunde (@VetleLunde) November 8, 2022

Vettel said the dominance of spot trading volume on Binance has risen sharply.

Binance’s dominance of spot trading volume has jumped from 0-60% of the market to 80-90% since the fee removal announcement.

They added Binance accounts with 40% open interest (Ethereum + Bitcoin).

According to Glassnode Alerts, Bitcoin’s average liquidated volume in long futures positions hit a one-month high of $118,970.98 on Binance, up from last month’s high of $104,869.88 on October 22, 2022.

The same analyst pointed out that the FTX crisis overshadowed the market and changed the dominance of spot trading of cryptocurrencies, as FTX’s dominance in the market decreased from 25% to 14%.

Also read:

Binance’s acquisition of FTX and the change in rhetoric between the heads of the two companies (Binance and FTX)

Cryptocurrency Market Falls Below $1 Trillion, Bitcoin Tests New Annual Low