Three main conclusions: 1. Crypto trading volume is down 20% compared to the same period last year. 2. It's basically all contract trading now, spot trading volume has been cut in half, no one is holding coins anymore—it's all gambling. 3. Everyone is putting their assets on Binance, then using small amounts of money to trade contracts on other exchanges (possibly due to fee discounts). So, Binance's user asset volume is three times the total of all other exchanges combined