Edgen Crypto·Nov 28 2025, 04:58
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Nov 28 2025, 03:05
DEX Trading Volume Hits Record Highs in 2025, Challenging CEX Dominance
## Executive Summary Data from 2025 indicates a structural shift in cryptocurrency trading activity, with decentralized exchanges (DEXs) achieving record-high market share at the expense of centralized exchanges (CEXs). This trend was evident across both spot and derivatives markets, where DEX platforms demonstrated significant growth in volume and user adoption, signaling a potential realignment of the digital asset trading landscape. ## The Event in Detail The second quarter of 2025 marked a pivotal moment, as total spot trading volume on major CEXs declined by nearly 28% to $3.9 trillion, according to CoinGecko data. In contrast, DEX volume surged by over 25% to $876.3 billion. This divergence pushed the ratio of spot volume on DEXs relative to CEXs to a new all-time high of **27.9%** in June, as reported by The Block and Binance Research. The perpetual futures market, long dominated by centralized platforms, saw an even more dramatic shift. According to DeFiLlama, monthly volume for on-chain perpetual contracts surpassed the $1 trillion threshold for the first time in October 2025, reaching **$1.3 trillion**. In November, the trading volume of perpetuals on DEXs accounted for nearly 20% of the volume seen on CEXs, a new historical high. ## Market Implications This sustained migration of trading volume presents a direct challenge to the long-standing dominance of centralized exchanges in the crypto ecosystem. The data points to a structural transfer of liquidity to on-chain environments, driven by traders seeking greater autonomy and transparency. In response, some centralized exchanges have begun launching **CeDeFi** (Centralized Decentralized Finance) solutions, which aim to combine the deep liquidity of CEXs with the on-chain trade execution of DEXs in an effort to retain market share. ## Expert Commentary Market analysts attribute this shift to two primary catalysts. First, increased regulatory pressure and stricter compliance requirements on centralized platforms have redirected liquidity toward decentralized alternatives. Second, the DeFi sector has matured, offering more sophisticated tools and improved user experiences that have bolstered trader confidence in on-chain protocols. The growth has been led by platforms such as **PancakeSwap** and **Hyperliquid**, the latter of which accounted for nearly 80% of on-chain perpetuals volume in July. ## Broader Context The explosive growth in 2025 represents a significant acceleration of existing trends. For comparison, the total trading volume for all of 2024 on perpetual DEXs was $1.5 trillion, a figure that was nearly matched in a single month by October 2025. This development suggests a fundamental change in market structure, indicating that the future of crypto trading may be increasingly decentralized or, at minimum, a hybrid of centralized and decentralized systems.
Nov 28 2025, 02:02
Crypto Market Structure Evolves as ETFs Lower Barrier for Institutional Investment
## Executive Summary A structural transformation is underway in the cryptocurrency market as the introduction of regulated investment products, most notably spot **Bitcoin** ETFs, attracts significant institutional interest. This evolution marks a shift from a retail-driven, narrative-focused environment to one characterized by compliance, sophisticated risk management, and institutional-grade allocation strategies. The new accessibility of digital assets through traditional financial instruments is increasing market liquidity and fostering a more mature ecosystem. ## The Event in Detail The U.S. Securities and Exchange Commission’s (SEC) authorization for financial firms to offer spot **Bitcoin** ETFs represents a landmark development for the digital asset industry. Unlike their futures-based predecessors, spot ETFs directly hold the underlying cryptocurrency, offering investors more transparent and direct exposure to the asset's price movements. This has simplified the investment process, removing the complexities of digital wallets and custody that previously deterred many institutional players. The market response has been significant, with products like BlackRock’s IBIT ETF rapidly accumulating assets and accounting for a substantial portion of all U.S. crypto ETF assets. This success has spurred the rise of what some analysts term "imitation ETFs," as other firms launch similar products to capture the growing demand. This trend underscores a broader market pivot towards compliant and regulated financial products as the primary gateway to crypto assets. ## Market Implications The primary implication of the rise of crypto ETFs is the facilitation of institutional capital inflow. Institutional investors, who have historically been hesitant due to regulatory uncertainty and security concerns, now have a familiar and regulated framework to gain exposure to digital assets. This influx is expected to enhance market liquidity and potentially lead to greater price stability over the long term. Furthermore, this development is shifting investor behavior. The focus is moving away from pure speculation towards fundamental analysis centered on return on investment (ROI) adjusted for risk and compliance. As institutional investors demand more sophisticated analytics and real-time data to manage their portfolios, the market infrastructure is adapting to meet these higher standards. ## Expert Commentary Market analysis indicates that the SEC’s decision marks a "significant milestone" for the cryptocurrency sector. Financial experts note that ETFs provide institutional investors with "easier access, better tracking of spot prices, and enhanced regulatory compliance." This sentiment is echoed by compliance professionals who see the integration of crypto into traditional financial structures as a key step towards broader adoption. The ability for registered investment advisors (RIAs) and broker-dealers to incorporate these products into client portfolios legitimizes digital assets as a viable component of a diversified investment strategy. ## Broader Context The embrace of crypto ETFs aligns with a wider trend in institutional asset management, where investors are increasingly seeking a "total portfolio view" that integrates both public and private assets. In a volatile economic environment, asset owners are prioritizing data-driven decision-making and proactive risk management, for which regulated crypto products are well-suited. Looking ahead, the regulatory landscape remains a critical factor. Legislative proposals such as the CLARITY Act are crucial, as they aim to establish a clear market structure for the underlying spot crypto markets. Such regulatory clarity is considered essential for sustaining institutional confidence and driving the next phase of growth and adoption in the digital asset ecosystem.
Nov 28 2025, 01:59
Entrée Capital Launches $300M Fund Targeting Early-Stage AI and Crypto Infrastructure
## Executive Summary Venture capital firm **Entrée Capital** has announced the closing of two new funds totaling $300 million, designated for early-stage investments in technology startups. This capital injection increases the firm's total assets under management (AUM) to $1.5 billion. The funds will primarily target pre-seed, seed, and Series A rounds for companies in Israel, the United Kingdom, Europe, and the United States. The strategic focus is on high-growth sectors, including Artificial Intelligence (AI), deep tech, and cryptocurrency infrastructure, reflecting a specific thesis on the convergence of these fields. ## The Event in Detail The $300 million fundraising initiative is structured to back founders at the earliest stages of development. **Entrée Capital** has articulated a clear investment strategy centered on "AI-native founders" who are developing vertical agents, infrastructure, and novel software categories. A key area of interest is the intersection of AI and blockchain, specifically "AI agents capable of autonomously holding, allocating, and trading capital within cryptographic policy frameworks." The firm also highlighted its focus on the expansion of "decentralized physical infrastructure" that is secured and priced on-chain, signaling a commitment to the foundational layers of the Web3 economy. ## Strategic Rationale and Market Positioning **Entrée Capital's** strategy moves beyond generalist tech investment to target a sophisticated and emerging niche. By focusing on AI-driven financial agents operating on blockchain rails, the firm is positioning itself at the forefront of automated, decentralized finance. This approach indicates a belief that the next wave of innovation will involve autonomous systems managing and trading assets within predefined, cryptographically-enforced rules. This thesis differentiates the fund from those with a broader or less specific crypto mandate, aligning it with the deep infrastructure level of the digital asset ecosystem. ## Broader Market Context This fund launch occurs amid a significant wave of technology investment in Europe, particularly in the United Kingdom. **Entrée Capital's** geographic focus is validated by massive capital commitments from U.S. technology giants. Notably, **Microsoft** has pledged approximately $30 billion to expand AI infrastructure in the U.K. through 2028, and **Google** has committed £5 billion to related infrastructure and research. This influx of capital from major corporations is creating a fertile ecosystem for the exact type of early-stage AI and infrastructure companies that **Entrée Capital** aims to support, potentially providing a clear path for future partnerships, scaling, and acquisitions for its portfolio companies. ## Market Implications The deployment of this $300 million fund is expected to accelerate development in the specialized fields of AI-powered DeFi and decentralized infrastructure. For the broader market, it signals continued confidence from venture capitalists in the long-term viability and convergence of AI and blockchain technologies. Furthermore, it reinforces the standing of Israel, the UK, and Europe as critical hubs for deep tech innovation. The fund provides crucial early-stage liquidity that can help nascent technologies mature, potentially leading to new, category-defining products in autonomous finance and on-chain asset management.