From July 24th to 30th, TradFi perpetual contract transactions reached $129.5B; On July 29th, the daily transaction reached a record high of $35.6B. More importantly, all of the top five trading days in history occurred in July. According to the Top 5 CEX caliber, Binance @ Binance held 69% of the market share, with a trading volume 3.8 times that of the second place. If it's just a one-day surge, it may just be a hot topic event; But continuously refreshing historical peaks means that the all-weather TradFi liquidity is forming a scale. The real question worth considering is not how much trading volume there is, but how the market can continue to complete price discovery after traditional exchanges close? Traditional finance has always had a natural limitation. All trading sessions are fixed, but financial reports, industry news, macro events, and trading demands from global investors will not pause with the closing bell. A continuous market of 7 × 24 allows prices to continuously absorb new information. July 30th is a typical case. On that day, about six hours before the official opening of the US stock market, multiple targets around the storage industry chain had already begun to rise synchronously. From 07:00 to 12:00 UTC: ·SNDK up 9.3% ·SKHYNIX rises 8.5% ·SKHY up 10.3% Subsequently, after the official opening of the US stock market, the market trend further confirmed this round of price changes. These three targets correspond to the US stock market, South Korean stock market, and ADR respectively, reflecting the same industry information almost simultaneously in different markets and trading paths. This indicates that the market is not waiting for Wall Street to open before pricing, but has gradually formed a tradable reference price in the global continuous trading process. This change is also reflected in trading behavior. In July, the five core targets of the storage industry chain contributed $73.3B in transactions, accounting for 57% of Binance TradFi's weekly transactions. Of particular note is that over 51% of transactions occur during the bottom tier market shutdown period. Off market trading is no longer just a supplement to traditional markets, but has become an important component of all-weather trading. After the closure of traditional markets, trading demand has not disappeared, but has migrated to markets that can continuously provide liquidity. This trend has also been validated by data from another product path. According to Binance Research's "Stock Price Discovery Moves On Chain," as of July 28th, approximately $1.5 billion worth of bStocks have been traded during the US stock market shutdown. The study also showed that over the past seven weekends, the median pricing ratio of bStocks for the opening gap on subsequent Mondays reached 92%. It should be emphasized that: TradFi Perpetual and bStocks are two different product paths with different data calibers. The former reflects the liquidity and trading behavior of the TradFi perpetual contract market; The latter comes from research on tokenized stock markets. But both point towards the same trend: The price discovery of stock related assets is extending from the fixed trading hours of traditional exchanges to the all-weather market of Crypto and on chain. Of course, this does not mean that traditional markets will be replaced. At present, although bStocks has accounted for about 27% of the global market value of tokenized stocks, and on chain transactions accounted for about 85% of the DEX transactions of tokenized stocks in July, the overall transaction volume is still only about 0.3% of the trading volume of underlying stocks and ETFs. This indicates that the all-weather market is still in the early stages of development. The real change is not the disappearance of traditional finance, but the emergence of a new trading option for global investors. ·The market can be closed. ·Information will not stop. ·Price discovery, there is no need to pause. The value of Binance TradFi is not to promise any market direction or claim to determine prices, but to provide a market for traditional assets that can be continuously observed, traded, and form reference prices 24/7 in an era of continuous global information flow. From following the opening of traditional markets to undertaking the global information flow after the closure of traditional markets, Binance is integrating TradFi into Crypto's all-weather liquidity and price discovery system, allowing traditional assets and on chain markets to no longer be separated from each other, but connected into a truly continuous global financial gateway. Risk statement The TradFi perpetual and bStocks mentioned in the article are different product paths, with different data sources and statistical approaches, and should not be mixed and compared. 7 × 24 refers to the extension of trading and price observation time, and does not mean that all time periods have the same liquidity. This article is for market observation only and does not constitute any investment advice. TradFi perpetual involves contract and leverage risks; The historical data related to bStocks does not represent future performance. Please refer to the official Binance page for specific product availability regions, admission rules, and risk explanations.