According to Milk Road (@MilkRoadDaily), Binance’s market share has sharply dropped to just 25% of global Bitcoin spot volume, a dramatic decline from its 92% share immediately following the FTX collapse (source: Twitter, Milk Road, May 21, 2025). This significant shift indicates increasing competition among centralized exchanges and may lead to more volatile BTC price action as liquidity spreads across platforms. Traders should closely monitor the redistribution of volume, as this can affect trading spreads, slippage, and overall market depth for Bitcoin and other cryptocurrencies.