🧐 Traffic or Structural Trust | Binance Share Returns to Peak, 45.6% BTC Share Behind: User Voting During Market Cooling Period—— The colder the market, the more genuine the voting. It's not the moment when it rises, but when no one is watching, that's when we can see the true belonging of users. The latest data from The Block shows that in June 2025, Binance's spot market share rebounded to a nearly one-year high, accounting for approximately 41.14% of the market share; The proportion of BTC spot trading is approaching its historical peak in 2024. This is not accidental data under bull market frenzy, but rather users voting with their feet. one ️⃣ What signals does the 'counter trend growth' in a flat market release? Despite the overall decrease in trading volume, Binance's market share continues to grow. This indicates that Binance does not rely solely on market heat to "eat", but can also attract a stable user base to continue trading when volatility weakens. Explain two key points: Strong user stickiness: Even without airdrops or hotspots, there will be no loss; Structural leadership: The liquidity of mainstream asset trading such as BTC and ETH continues to lead, especially with BTC's market share of nearly 45.6%, which is rare. This actually illustrates a core reality: what users truly value is not "volume", but "stability". two ️⃣ Alpha system closed-loop, the linkage mechanism between transactions, wallets, and points begins to take effect—— Many people still see Alpha points as a "wool activity", but what's really interesting is that it's restructuring the user behavior path: Transaction → Wallet → Points → Pricing Preview → Liquidity Redistribution Alpha is not issuing coins, but exercising users' attention muscles - binding behavior with points and using behavior to reverse influence the platform's market power. To some extent, this has partially returned the primary pricing power of VC to the platform - and even users. Whoever can mobilize liquidity will have the initial premium for the cold start of the project Whoever can stabilize the warm-up rhythm has control over the first level pricing That's why we see that under the Alpha incentive, the on chain transaction volume of Binance Wallet reached 12.5 billion US dollars on June 8th, accounting for 92.1% of the total market wallet transaction volume—— This structure is no longer traditional CEX, but a new closed loop of CeDeFi. Alpha is not just a "points system", but more like an amusement park where the platform and users work together to train liquidity pricing muscles. three ️⃣ The 'safe harbor' effect continues to ferment: whoever rolls up doesn't win—— Looking back at the past few months, multiple trading platforms have experienced security incidents, a decline in stablecoin reserves, and even liquidity shortages. However, Binance experienced reverse growth and became the preferred source of capital inflows. According to CryptoQuant data, as of early June, Binance holds 59% of the USDT and USDC reserves in CEX. This is not only a reflection of a sense of security, but also a "re aggregation" of the market. Conclusion—— Many people like to use "traffic" to explain the strength of trading platforms, but the long-term battlefield of the cryptocurrency market has never been traffic, but trust—— And trust will ultimately precipitate into structural advantages, liquidity control, and security redundancy. https://www.theblock.co/data/crypto-markets/spot/the-block-legitimate-index-market-share