Market Overview - Crypto trading activity has slowed down significantly, with daily spot trading volume dropping from nearly $100 billion on November 4 to around $65 billion, indicating reduced participation and cautious sentiment among traders [1] - The perpetual futures market has also seen a decline, with trading volumes decreasing from approximately $360 billion on October 10 to about $170 billion, reflecting lower risk appetite as traders reduce leverage [2] Binance's Market Position - Binance continues to dominate global trading activity, recording $25 billion in spot volume and $62 billion in perpetual futures volume over the past 24 hours, solidifying its position as the largest trading venue in the industry [3] - In comparison, other exchanges like Crypto.com and OKX are significantly smaller, with Crypto.com posting $4.6 billion in spot market activity and OKX processing $36 billion in futures volume, which is less than two-thirds of Binance's total [4] Stablecoin Accumulation - Despite the contraction in trading volumes, there has been a surge in stablecoin reserves, with combined USDT and USDC balances on Binance reaching a record $51.1 billion on November 15, indicating a defensive positioning among investors [5] - OKX has also experienced strong inflows, with stablecoin reserves nearing $10 billion, reflecting a broader trend of rotation into dollar-pegged assets as traders hedge against volatility [6] Inflows and Selling Pressure - The inflow of Bitcoin and Ethereum into exchanges has increased sharply, with total inflows reaching $40 billion in the last week, indicating heightened selling pressure during the market correction [7] - Binance captured the largest share of these inflows, receiving $15 billion, while Coinbase recorded $11 billion, and other exchanges collectively absorbed around $14 billion, reinforcing the trend of consolidation towards top-tier venues [8] Altcoin Activity - Despite the overall market weakness, altcoin deposits remain elevated, with daily deposits peaking at 77,000 on October 16, led by Coinbase and Binance [9]