According to dYdX Foundation (Twitter, Dec 29, 2025), November–December 2025 ended in a risk-off backdrop where crypto trading volumes softened and liquidity thinned, yet dYdX still posted a step-up month, indicating improved platform activity versus the broader market, source: dYdX Foundation (Twitter, Dec 29, 2025). This highlights relative strength for DYDX-linked derivatives flow during a period of sector-wide volume contraction and thinner order books, source: dYdX Foundation (Twitter, Dec 29, 2025).