Don’t be fooled by the bear market in crypto, the data is absolutely mind-blowing. Look at this trading volume compared to global stock markets— it’s only behind U.S. and European markets, ranking as the third-largest globally. Of course, the 24/7 trading and high leverage play a big role. 1/ U.S. stock market ≈ $70 trillion 2/ European stock market ≈ $25 trillion 3/ Crypto market ≈ $20 trillion 4/ China A-shares ≈ $15 trillion 5/ Japanese stock market ≈ $10 trillion By Q1 2026, total crypto trading volume reached $20.57 trillion: Spot: $1.94 trillion Derivatives: $18.63 trillion Ratio: 9.6x The market is no longer about investment logic— it’s all about trading logic, and high-leverage trading at that. The rhythm: January peak February pullback March even lower The trend hasn’t fully emerged yet, but the turnover hasn’t stopped. Binance data: Spot trading: $639.9 billion, accounting for 34.3% Derivatives trading: $4.90 trillion, accounting for 34.9% That’s more than the second and third combined. Open interest: $23.9 billion, accounting for 29.9% Peak: $32.1 billion Depth: BTC, ETH Spot and futures All ranked #1 Binance assets: $152.9 billion, accounting for 73.5% Trading: 34% Assets: 73% Users aren’t just here to trade— a large portion of assets are simply sitting idle. The crypto market is becoming increasingly trading-focused, and even in a bear market, the trading volume is astonishing.