KuCoin's 2025 performance reveals structural shifts in exchange competition. Spot volumes nearly doubled during summer months while competitors stagnated. Order book depth held steady post-October crash as major exchanges saw 18-25% liquidity declines. CoinDesk Research examines what this signals for 2026, commissioned by @kucoincom. Check out the full report: https://www.coindesk.com/research/kucoin-hits-record-market-share-as-2025-volumes-outpace-crypto-market?term=organic&utm_campaign=CoinDesk&utm_content=CoinDesk+Research%2CCoinDesk+Research+x+KuCoin&utm_medium=social&utm_source=twitter(CoinDesk)