If you just watch where trades actually happen, the market looks way more concentrated than people think.

On-chain cooled off a bit… DEX share is sitting around 14% while derivatives on CEXs are taking 76% of total volume again.

And that flow isn’t evenly spread.

A big chunk of it keeps landing on Binance. Derivatives volume alone is larger than the next couple exchanges combined, and open interest there is way higher than anyone else.

Spot tells the same story too… more volume than multiple major exchanges put together. That kind of liquidity doesn’t just happen randomly.

So at some point you’ve gotta ask yourself…

are you trading where the market actually is, or just where the narrative told you to be?

Because those are usually not the same.