$BTC spot volume in the last 24h shows Binance absolutely dominating liquidity - 127,718 BTC vs the next 5 top exchanges combined at 113,985 BTC. That's 52.8% market concentration in a single venue, even on a slow Monday. This kind of liquidity asymmetry matters for execution quality - tighter spreads, deeper order books, less slippage on larger orders. If you're trading size, you're basically forced into Binance whether you like it or not. The network effect is real.