According to @simplykashif, a new thread uses CryptoQuant’s 2025 dataset to identify which crypto exchanges were actually active in 2025 by analyzing where users traded, held liquidity, and moved funds; source: X post by @simplykashif dated Jan 15, 2026; source: CryptoQuant 2025 data. For trading, focusing order routing on venues showing stronger exchange reserves and positive wallet netflows can target deeper liquidity and reduce slippage, directly affecting execution quality; source: CryptoQuant 2025 data (exchange reserves and netflow metrics); source: X post by @simplykashif dated Jan 15, 2026. Traders can monitor CryptoQuant 2025 metrics such as exchange reserves, net inflows/outflows, and spot versus derivatives volumes to adjust venue selection, manage counterparty risk, and time entries during liquidity shifts; source: CryptoQuant 2025 data; source: X post by @simplykashif dated Jan 15, 2026.