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The activity level of crypto exchanges in 2025 has reached a new record. The combined spot trading volume of centralized exchanges and decentralized exchanges has reached $18 trillion, and futures trading volume has surpassed $61 trillion — both hitting new all-time highs. What does this number signify? The explosive growth in trading volume reflects an unprecedented level of enthusiasm among market participants. Whether it’s traditional CEX or the emerging DEX, both have demonstrated strong absorption capacity during this market cycle. From spot to futures, on-chain to off-chain, the prosperity of the trading ecosystem has reached an unprecedented level. This not only indicates that retail and institutional traders are increasing their trading activity but also reflects profound structural changes in the entire crypto market — abundant liquidity, improved price discovery efficiency, and a more diverse market participant structure.
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1.8 quadrillion spot plus 6.1 quadrillion futures, sounds like leverage madness. Liquidity is a joke; this must be blood spattering everywhere.
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Structural change? I think it's just a precursor to structural all-in. Retail and institutions rushing together, and in the end, only the ones crying will know.
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Every time I see a new all-time high, I think of that old saying: those who chase high are all heroes. Survivor bias is truly incredible.
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This trading volume number is really daring to report. It makes me think of some projects' daily active user stats—very good at making up stories.
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Futures exploding means risks are also exploding. Anyway, the fate of retail investors is always the same in the end.
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Liquidity is abundant, liquidity is abundant. Sounds good, but actually it just means chips are changing hands, and the big players are yawning.