* Centralized Exchange (CEX) Recovery: CEX spot trading volume grew significantly in 2025, with Q4 2024 monthly average exceeding $2.25 trillion, primarily driven by ETF and macroeconomic tailwinds. * Decentralized Exchange (DEX) Growth is Faster: DEX spot volume grew from $133 billion in January 2024 to $540 billion in October 2025, with market share rising from ~10% in 2024 to nearly 20%. * Perpetuals Drive DEX Activity: On-chain perpetuals trading volume surged, exceeding $1.13 trillion in...

* Centralized Exchange (CEX) Recovery: CEX spot trading volume grew significantly in 2025, with Q4 2024 monthly average exceeding $2.25 trillion, primarily driven by ETF and macroeconomic tailwinds. * Decentralized Exchange (DEX) Growth is Faster: DEX spot volume grew from $133 billion in January 2024 to $540 billion in October 2025, with market share rising from ~10% in 2024 to nearly 20%. * Perpetuals Drive DEX Activity: On-chain perpetuals trading volume surged, exceeding $1.13 trillion in...