According to CoinMeta, TokenInsight released a report on Q3 crypto exchanges today, indicating that the overall market trading activity continues to decline, having fallen for three consecutive quarters. The total market trading volume was 12 trillion dollars, a decrease of 27.5% from the previous quarter, with spot trading volume dropping by 55% and contract trading volume decreasing by 17%. Interestingly, despite the reduction in trading volume, the average open interest ( OI ) for contracts across the market increased by 11%. In addition, TradFi is becoming increasingly prominent in the crypto exchange landscape. Among the 9 exchanges tracked by Q3, the cumulative trading volume of stock and commodity perpetual contracts reached 2.1 trillion, with stock contracts contributing 1.61 trillion. The top-tier exchanges are dominant, with Binance, OKX, and Bitget accounting for 82% of stock contract trading volume. In terms of the proportion of TradFi trading volume within each exchange's total contract trading volume, Binance ranked first at 26.25%, followed by Bitget at 22.06%. TradFi has become an important business segment for Bitget, enhancing its market competitiveness.