#币安年度亮点回顾 2025 Blockchain Development Status

Still worth reading, with two points worth pondering:

First: Annual trading volume reached 3.4 trillion, while the annual trading volume of China's A-share market is approximately 5.6 trillion (converted at an exchange rate of 7.02). Binance's scale is comparable to that of a major country's stock market.

Second: Although the total trading volume in 2025 reached 3.4 trillion, spot trading accounted for only 710 billion. This means nearly 80% of the trading volume comes from derivatives (contracts). This structure indicates that Binance heavily relies on high-leverage speculative trading. If the industry becomes more mature in the future and the market enters a low-volatility phase, fee revenue will significantly decline. Additionally, spot BTC ETFs from institutions like BlackRock will also capture a share of the spot trading market.

If centralized exchanges (CEXs) also implement CRS data exchange in the future, users who follow a strategy of regular BTC dollar-cost averaging and holding might indeed consider shifting to ETFs offered by institutions like BlackRock, which would offer higher security.