According to @ki_young_ju, combined CEX and DEX volume in 2025 reached $18T in spot and $61T in futures, signaling continued growth in crypto exchange activity (source: @ki_young_ju). Total traded volume was approximately $79T, with futures representing about 77% of the total and outpacing spot by roughly 3.4x (source: @ki_young_ju). The derivatives-heavy mix indicates trading activity in 2025 was concentrated in futures markets, a critical data point for assessing market structure and execution conditions (source: @ki_young_ju).

According to @EmberCN, July saw a broad crypto rally with BTC up 10%, ETH up 62%, and HTX up 35%, signaling strong market-wide momentum (source: @EmberCN). According to @EmberCN citing HTX’s July data, the exchange recorded month-over-month trading volume growth of 33% and a 45% increase in new user registrations, indicating heightened activity on centralized exchanges (source: @EmberCN). According to @EmberCN, these CEX metrics reflect faster new-user inflows and elevated trading enthusiasm during the so-called crypto summer period (source: @EmberCN).