PANews reported on April 4th that Coinglass released its Q1 2026 crypto market share report. The report shows that although trading volume has gradually declined from its January highs, the crypto market as a whole maintained relatively high activity in Q1. Total cryptocurrency market trading volume (spot + derivatives) was approximately $20.57 trillion, with spot trading volume at approximately $1.94 trillion and derivatives trading volume at approximately $18.63 trillion. Structurally, market activity remained primarily concentrated in the derivatives market, while spot trading saw a relatively larger contraction.

On a monthly basis, January saw the highest total trading volume (US$704.7 billion in spot trading + US$6.73 trillion in derivatives), followed by a slight decline in February and a further contraction to a quarterly low in March. This trend reflects the cautious sentiment in the global macroeconomic environment during the same period, as market risk appetite has not yet fully recovered following the significant deleveraging in the fourth quarter of 2025.

In terms of key metrics, Binance continues to maintain its leading position in the industry. Its derivatives trading volume reached approximately $4.9 trillion, representing about 34.9% of the top ten exchanges; its average daily open interest was approximately $23.9 billion, representing about 29.9%; and its user asset reserves were approximately $152.9 billion, representing about 73.5% of major centralized exchanges. Hyperliquid ranked among the top ten in derivatives trading volume in the first quarter with approximately $492.7 billion, and its average open interest was approximately $6 billion.