Decentralized Exchange Trading Volume Hits Record High
Decentralized exchanges (DEXs) experienced a significant surge in trading volume, reaching a record $613.3 billion in October. This represents an increase of over 20% from the approximately $500 billion recorded in September. Uniswap emerged as the leading DEX with $170.9 billion in volume, followed closely by PancakeSwap, which facilitated $101.9 billion in trades. Analysts attribute this heightened on-chain trading activity to a combination of investor reallocation driven by market volatility, alongside the appeal of liquidity mining and airdrop incentives.
Centralized exchanges (CEXs) also observed a robust recovery, with total trading volume climbing to $2.17 trillion in October, marking the highest figure since January. The ratio of DEX to CEX trading volume rose to 19.84%, indicating a growing preference among market participants for decentralized trading platforms. Experts suggest that the sharp correction in Bitcoin prices experienced mid-October provided a significant boost to trading momentum, and any further macro or geopolitical shocks could potentially sustain this high level of activity into November.
ARK Invest Increases Cryptocurrency Exposure
Cathie Wood's ARK Invest has continued to expand its investment in digital assets. The firm's total holdings related to cryptocurrency now surpass $2.15 billion across its three actively managed Exchange Traded Funds (ETFs): ARKK, ARKW, and ARKF. In a recent move, ARK acquired an additional 105,000 shares of the exchange Bullish, valued at approximately $5.3 million, increasing its total stake in the company to 2.27 million shares, currently worth around $114 million.
This strategic allocation is consistent with ARK's ongoing strategy to increase its exposure to the digital asset infrastructure sector. To accommodate these new investments, ARK has reduced its positions in traditional technology stocks, including Palantir and Shopify. Currently, the ARKF ETF holds the largest proportion of crypto assets at 29%, followed by ARKW at 25.7%, and ARKK at 17.7%. This latest reallocation by ARK is seen by analysts as a reflection of a broader institutional shift towards embracing cryptocurrency and blockchain technologies.
Tether Reports Substantial Profits and Strategic Growth
Tether, recognized as the world's largest issuer of stablecoins, has reported net profits exceeding $10 billion for the first three quarters of 2025, underscoring a period of significant business expansion. By the end of the third quarter, the circulation of USDT reached $174 billion, an increase of $17 billion from the preceding quarter. Concurrently, the company's holdings in U.S. Treasuries reached a new high of $135 billion.
In addition to its strong reserve performance, Tether has announced plans for a stock buyback program and has submitted an application for an investment fund license in El Salvador, where the company is headquartered. The firm's diversified holdings also include approximately $12.9 billion in gold and $9.9 billion in Bitcoin. Furthermore, Tether is preparing to launch a new stablecoin, USAT, in collaboration with Anchorage Digital. These initiatives are expected by analysts to further solidify Tether's leading position in the global stablecoin market through a combination of strong profitability and astute capital management strategies.