KEYTAKEAWAYS
- Decentralized exchanges exploded to a record $613.3B in October, fueled by volatility, incentives, and Bitcoin’s sharp move. DEXs now command nearly 20% of total crypto trading.
- Cathie Wood’s ARK Invest boosted crypto exposure above $2.15B, adding Bullish shares and shifting capital from tech stocks — signaling accelerating institutional crypto adoption.
- Tether pocketed $10B profit in nine months, boosted USDT supply to $174B, and launched a buyback and fund license push — tightening stablecoin dominance.
CONTENT
DEX TRADING VOLUME HITS ALL-TIME HIGH AT $613.3 BILLION IN OCTOBER
According to DefiLlama data, decentralized exchange (DEX) trading volume surged to a record $613.3 billion in October, up more than 20% from roughly $500 billion in September. Uniswap led the market with $170.9 billion in volume, followed by PancakeSwap at $101.9 billion. Analysts note that investor reallocation amid market volatility, combined with liquidity mining and airdrop incentives, fueled on-chain trading activity.
Centralized exchanges (CEXs) also saw a strong rebound, with total trading volume reaching $2.17 trillion in October — the highest since January. The DEX-to-CEX volume ratio rose to 19.84%, underscoring the growing market preference for decentralized platforms. Analysts suggest that the sharp mid-October Bitcoin correction drove trading momentum, and further macro or geopolitical shocks could sustain high activity into November.
ARK INVEST EXPANDS CRYPTO HOLDINGS
Cathie Wood’s ARK Invest continued to ramp up its exposure to digital assets this week. Across its three actively managed ETFs (ARKK, ARKW, and ARKF), the firm’s total crypto-related holdings now exceed $2.15 billion. The company recently purchased an additional 105,000 shares of the exchange Bullish, worth approximately $5.3 million, bringing its total position to 2.27 million shares valued at about $114 million.
This move aligns with ARK’s ongoing strategy to strengthen its digital asset infrastructure exposure. To create portfolio room, ARK reduced positions in traditional tech stocks such as Palantir and Shopify. Currently, ARKF has the highest crypto allocation at 29%, followed by ARKW at 25.7% and ARKK at 17.7%. Analysts note that ARK’s latest reallocation reflects a broader institutional pivot toward crypto and blockchain ecosystems.
TETHER NETS OVER $10 BILLION PROFIT IN NINE MONTHS
Tether, the world’s largest stablecoin issuer, reported over $10 billion in net profit for the first three quarters of 2025, highlighting strong business growth. As of the end of Q3, USDT circulation reached $174 billion — up $17 billion from the previous quarter — while the firm’s U.S. Treasury holdings climbed to a record $135 billion.
In addition to robust reserve performance, Tether announced a stock buyback program and revealed it has applied for an investment fund license in El Salvador, where it is headquartered. The company also holds approximately $12.9 billion in gold and $9.9 billion in Bitcoin, and is preparing to launch a new stablecoin, USAT, in partnership with Anchorage Digital. Analysts believe these steps further consolidate Tether’s dominance in the global stablecoin market through both profitability and strategic capital management.
