The collapse of FTX left a gaping hole in the crypto market. The failed exchange accounted for a significant chunk of the global trading volume and kept Binance from becoming the de facto ruler of the market.
With FTX now gone, Binance took the throne and became the largest and potentially the most important company in the crypto industry. The exchange now accounts for over 50% of the global spot and derivatives market, with its dominance increasing daily.
However, only looking at Binance’s trading volume fails to paint the complete picture of where the exchange stands.
To determine the market’s sentiment, one must always look at Bitcoin first. The driving force of the crypto industry, Bitcoin’s movement, and distribution across exchanges show the market’s sentiment and can be used to determine future market trends.
Looking at Bitcoin balances on exchanges shows the amount of BTC that could be used to generate selling pressure. It also illustrates the overall maturity and healt
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