Binance’s spot trading volume is running at roughly 10% of its perpetual futures volume, meaning about $10 in perpetual futures is traded for every $1 in spot activity. Alphractal founder Joao Wedson highlighted the ratio in a CryptoQuant contribution, noting that it has remained consistently low throughout the year, including during periods when Bitcoin prices strengthened. The pattern indicates that leverage, speculative positioning and derivatives-based price discovery continue to dominate exchange activity over direct asset purchases. Wedson said the imbalance is not inherently bearish, but a sustained increase in spot volume relative to futures could signal stronger underlying demand and potentially more sustainable price trends.