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The competitive landscape of exchanges in 2025 has shown new changes, which can be observed from the data perspective.
Last summer, a leading exchange's spot trading volume nearly doubled, while other major exchanges remained stagnant during the same period. Interestingly, after the market experienced significant volatility in October, the situation reversed — this exchange's order book depth remained stable, while most competitors' liquidity shrank by 18-25%.
What does this reflect? On one hand, it indicates that users' preferences for trading volume and liquidity are becoming more concentrated; on the other hand, it exposes the differences in how various exchanges respond to market volatility. In a trading market where liquidity is king, those who can maintain stable order depth during extreme conditions will earn user trust.