Kaiko Flags Binance Reliance as Market Risk; $15B Spot, $27B Open Positions

On 13 December 2025, market analytics firm Kaiko warned that crypto liquidity is concentrating on Binance, reintroducing a single-point-of-failure risk. The exchange handles over $15 billion in daily spot volume, with open positions near $27 billion, and October's sell-off erased roughly $19 billion in leverage, underscoring fragility during volatility.