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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.