I happened to see the annual report data of a leading exchange and was completely stunned.

Total trading volume for the year was $34 trillion. The spot market alone accounted for $7.1 trillion.

What does that mean? Comparing it like this makes it clear—

The Shanghai Stock Exchange's total transaction volume in 2025 is about 65 trillion RMB, which is roughly $10 trillion USD. So, one exchange's scale is close to three Shanghai Stock Exchanges.

Looking at the US stock market: NYSE's trading volume in 2025 is about $20 trillion, and the entire US stock market is around $40 trillion.

And this is just one crypto exchange.

If you ask me, treating the crypto market as a "niche market" is really untenable now.

⸻

This reflects a key change:

We need to shift away from the early crypto mindset to understand the current market habits.

Trading volume has been expanding, and market volatility will naturally gradually converge. The extreme bull and bear swings, with several times the gains or losses, are becoming increasingly rare.

The current bull market starting in 2023 has already made this clear: the gains in each bull cycle are decreasing, and the declines in bear markets are also narrowing.

How much will it shrink? No one can predict precisely. But one thing is certain—extreme market conditions are shifting from normal to historical samples.

⸻

The only thing that doesn't change in the market is change itself, which is accelerating.

The strategy of "staying unchanged to face all changes" may only work for a few assets, like BTC. In most other markets, changes are often only clear in hindsight, and predicting them in advance is basically impossible.

So what to do?

Honestly, the answer is a bit tough: continuous learning and constantly adjusting your understanding—besides that, there seems to be no better way.