According to Kashif Raza, 50.65 billion crypto perpetual trades were executed, a 33% increase versus last year and nearly 3x growth since 2022, underscoring his point that volume shows activity while trades show intent, source: Kashif Raza on X, Dec 23, 2025. The stated 33% year-over-year rise implies last year’s trade count was roughly 38.1 billion (50.65 ÷ 1.33), derived from the same source figures, source: Kashif Raza on X, Dec 23, 2025.