If we look at the figures, $130B in trading volume and 90 million trades within just a few months, it suggests a very high level of activity. On average, each trade is around $1,400, which indicates that a large portion of the orders may come from small to mid-sized traders rather than solely from large institutions.

Additionally, the chart shows a sharp increase in volume in late January and early February, which coincides with a period of strong volatility in the crypto market. This suggests that TradFi futures products on crypto exchanges may be used as hedging or speculative instruments alongside crypto market movements. As these two liquidity streams begin to connect, the structure of the broader financial market could change significantly.

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