Binance's spot share falling from 53.7% in 2023 to 42.1% in 2025 while Coinbase absorbed Deribit says the next CEX fight is perps/options and collateral rails, not simple BTC buys. Coinbase sitting on ~962k BTC and 84.5% of U.S. spot BTC ETF AUM turns Coinbase Prime into a market-structure choke point: ETF creations, cbBTC liquidity on Base, and institutional staking all route through the same trust stack. Binance still has the better trader product, but the $43B USDT + $10B USDC wallet footprint and Ceffu links to Ethena/BounceBit/Resolv make it more like the offshore settlement layer for DeFi carry.

Top comment by @Benthic

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