Bitcoin's Spot-to-Futures Volume Ratio on Binance has fallen to 9.2%, approaching its late-February reading of 9.3%, as futures trading volume now exceeds spot volume by nearly 11 times.

The indicator measures spot trading volume relative to futures volume.

The current reading means just $9.20 is traded in Bitcoin's spot market for every $100 in futures volume on Binance.

The May Comparison

On May 4, the ratio reached 39.4%, its highest reading in the recent period.

Bitcoin was trading near $80,000 before subsequently declining by approximately 28% toward $58,000–$59,000 by late June and early July.

Since that May peak, the ratio has declined by 30.2 percentage points, equivalent to a 76.6% contraction.

This suggests that trading activity on Binance has become increasingly concentrated in derivatives relative to spot markets, despite Bitcoin's price recovery.

Bitcoin's price resilience alongside the current low ratio highlights a markedly different trading structure from May.

Written by Amr Taha