Decoding Q1 2026’s $152.9 Billion Crypto Custody Concentration

### Executive summary The report analyzes Q1 2026 crypto market structure, highlighting a pronounced shift toward perpetual futures (monthly perpetual volume of $3.5 trillion vs. $0.8 trillion spot) and significant liquidity consolidation on major centralized exchanges—chiefly Binance, which held $152.9 billion in custody and dominant shares of perpetual volume and open interest. Institutions are favoring capital concentration and derivatives for continuous hedging and capital efficiency, while both centralized and specialized decentralized venues coexist to meet different institutional needs.