The cryptocurrency market recorded a total trading volume of approximately $20.57 trillion in Q1 2026, according to a report by CoinGlass. Derivatives accounted for about $18.63 trillion, while spot trading reached $1.94 trillion. Binance emerged as the leader across various metrics, including trading volume, open interest, liquidity, and user assets, holding a 34.9% share in derivatives and managing $152.9 billion in custodial assets.OKX, Bybit, Gate, and Bitget formed the second tier of exchanges, while Hyperliquid improved its trading and open interest rankings to enter the top ten. The market in Q1 showed a decline in overall trading volume, with a structural shift towards derivatives and concentration on leading platforms.