Binance's spot trading volume rose by 12.1% month-over-month to $409 billion, accounting for about half of the total market growth. According to CryptoQuant, stablecoin reserves reached $47.5 billion, up 31% year-over-year.

As reported by Wu Blockchain, the combined spot trading volume of the largest exchanges increased by 10.3% in January 2026, rising from $844 billion to $931 billion. Binance's volume grew from $365 billion to $409 billion (+12.1%), contributing approximately $44 billion, or half of the overall market increase. The closest competitor by volume, Bybit, reported $62.7 billion.

Source: Wu Blockchain.

Leading the month-over-month growth were Bitfinex (+66.8%), Uniswap (+62%), and Upbit (+44.4%). The biggest losers included HTX (-16.6%), Bybit (-16.1%), and KuCoin (-14%).

The total trading volume for derivatives increased by 0.5%, from $3.37 trillion to $3.38 trillion. Binance maintained its lead with a volume of $1.64 trillion (+0.7%). The strongest growth was seen in Hyperliquid (+46.3%), Crypto.com (+17.7%), and Gate (+10.6%). The largest declines were reported by MEXC (-27.1%), KuCoin (-17.2%), and Deribit (-7.9%).

Source: Wu Blockchain.

Website traffic for major exchanges decreased by an average of 0.3% in January. Upbit saw a 9% increase, while KuCoin and Bitfinex both grew by 7%. The most significant traffic drops were at HTX (-22%), Bitget (-9%), and MEXC (-8%).

Source: Wu Blockchain.

Stablecoin Reserves

According to the CryptoQuant dashboard, Binance holds $47.5 billion in USDT and USDC, which is a 31% increase from a year ago ($35.9 billion). Binance accounts for 65% of the total stablecoin reserves on centralized exchanges. Following Binance are OKX with $9.5 billion (13%), Coinbase with $5.9 billion (8%), and Bybit with $4 billion (6%).

For comparison, in the CryptoQuant report from September 2025, Binance controlled $44.2 billion (67%). OKX was second with $9 billion (13.5%), followed by Bybit with $4.2 billion (6.2%) and Coinbase with $2.6 billion (5%).

Binance's reserves are primarily in USDT: $42.3 billion (+36% year-over-year). The USDC volume is $5.2 billion and has remained nearly unchanged over the year.

Source: CryptoQuant.

The outflow of stablecoins from exchanges has slowed. Following a market decline from November 5 to December 23, 2025, reserves decreased by $8.4 billion. In the last month, the decline was only $2 billion.

Previously, Binance and investment firm Franklin Templeton launched an over-the-counter collateral program for institutional clients.