Crypto CEXs Are Becoming Historical Species

Original Author: momo, ChainCatcher

Bitcoin is underperforming gold, silver, crude oil, and tech stocks, the altcoin season is almost non-existent, and voices proclaiming "crypto has entered garbage time" are growing louder. Yet, it is precisely within this so-called garbage time that crypto natives are being forced to understand the wider world, and a profound restructuring of future trading paradigms is underway.

1. Crypto Natives Are Forced to Understand the World

Looking at two sets of data together might offer a different perspective on the "crypto garbage time" narrative.

 One set of data shows the rising popularity of TradFi trading within Crypto. Over the past year, assets like gold, US stocks, and crude oil have been siphoning global liquidity. Concurrently, within crypto trading platforms, the trading volume of TradFi assets has also been expanding. Recently, RWA trading volume on Hyperliquid has consistently hit new highs; trading volumes for gold and silver contracts on Binance have also reached new peaks; and Bitget's CFD section, which offers 79 popular trading categories including gold, silver, and crude oil, recently saw its single-day trading volume surpass $6 billion, setting a new record. To put this volume in perspective, Binance's recent spot daily trading volume hovers around $8 billion.

This means that in a bear market, "leaving" is no longer the only option for crypto traders. Instead, they can stay within the crypto account ecosystem, free from geographical and market hour restrictions, and directly switch to TradFi assets to seek new yield opportunities or hedge risks.

Although crypto natives often complain about being stuck in "garbage time," during this phase, they are forced to learn about and understand the wider world, beginning to pay attention to variables they previously ignored: the Federal Reserve's interest rate path, inflation data, AI industry cycles, and even crude oil supply-demand dynamics.

This shift has even spilled over into professional content creation. Whether it's media or KOLs, the topics of discussion have clearly expanded—macro trends, AI, commodities now appear alongside Crypto, not just as background noise.

Recently, a KOL noted that a significant portion of content from many crypto media outlets is no longer "pure crypto," but rather filled with AI and traditional asset topics. Even crypto CEXs like Bitget have seen their market reports gradually transform into a mixed information stream covering macroeconomics, TradFi, AI, and Crypto.

The other set of data reveals a more "counterintuitive" shift in user flow.

In the past, bull markets attracted users through wealth effects, while bear markets often saw user exodus. However, according to a report by @smartestxyz, there's an indicator called "Non-Crypto-First Users"—users whose first on-chain transaction is an RWA Perp, not a crypto asset. As of March 2026, nearly 50,000 such users exist. Their first encounter with Crypto wasn't because of Bitcoin, but because of stock indices, gold, or crude oil.

This means user acquisition is still possible in a bear market, and the motivation for these new entrants has changed. They aren't drawn by the "get-rich-overnight" crypto narrative, but rather by the convenience of on-chain finance, addressing pain points like high barriers and low efficiency in traditional finance. In other words, Crypto is no longer solely relying on narratives and airdrops for user acquisition but is starting to attract users by "solving real trading needs."

The value of Crypto reflected by these two data sets somewhat contradicts the "garbage time" narrative. Perhaps more accurately, the current crypto market appears quiet on the surface but is undergoing internal restructuring.

If Crypto in the past was more like a narrative-driven market, it is now entering a phase driven by real demand. In a sense, this might be the true beginning of its maturation.

2. "Crypto CEXs" May Become a Thing of the Past

However, the migration of both insiders and outsiders towards TradFi might render "crypto CEXs" a historical relic. This doesn't mean crypto CEXs will disappear immediately, but rather that exchanges focusing solely on crypto assets may not be sustainable in the long run.

For crypto CEXs, this crisis became apparent during the 2024 bull run. The expected massive influx of users from outside the crypto sphere did not materialize. The fading of traffic红利 has become an industry consensus. Crypto CEXs relying solely on subsidies and trading rebates to boost volume is becoming inefficient and unsustainable.

The reason is simple: beyond crypto assets, the demand for multi-asset trading encompassing TradFi and on-chain assets is not a short-term trend but a new常态 that will help smooth out cyclical volatility.

For a long time, the crypto market was a relatively independent, self-contained system where narratives, liquidity, and price cycles largely occurred within the ecosystem. However, in the last 1-2 years, this "self-containment" is being broken.

The simple 4-year cycle bull-bear转换 model is no longer effective. Surviving a bear market doesn't guarantee a broad-based bull market. Airdrop红利 have diminished. Bitcoin is becoming increasingly embedded in macro cycles; it's no longer just a "crypto asset" but is starting to become part of global liquidity.

In this context, crypto investors are naturally no longer satisfied with单一 crypto positions. They crave using crypto's liquidity to capture the alpha and周期性 of global mainstream assets.

The explosive growth of the RWA market illustrates this point. Recent data from RWA.xyz shows that excluding stablecoins, the total value of tokenized real-world assets on-chain has exceeded $25 billion, nearly quadrupling from $6.4 billion a year ago. Currently, six asset categories have surpassed $1 billion in on-chain规模, including US Treasuries, commodities, private credit, institutional alternative investment funds, corporate bonds, and non-US government debt.

3. UEX Takes Over, A Covert War Has Begun

If the "crypto CEX" model gradually fades from the stage of history, what will the next generation of trading apps look like? Major crypto exchanges and TradFi institutions are engaged in a covert war围绕 this theme.

1. Restructuring the Trading System of Crypto CEXs

Many have noticed that mainstream exchanges like Binance, OKX, Bitget, and Bybit are all listing TradFi assets. However, most interpret this as just another "hot narrative," similar to Chinese memes or AI.

But one detail is often overlooked: some exchanges, represented by Bitget, are no longer placing TradFi in secondary or tertiary menus but directly in primary入口 alongside Crypto. This is somewhat akin to Alibaba and JD.com placing food delivery入口 directly in core positions on their main sites during the food delivery wars—it's not just "adding another category" but a shift in platform focus.

In other words, TradFi is different from past memes or AI trends. It's not a simple addition of new assets but更像 a restructuring of the trading framework and strategic direction.

Against this backdrop, the concept of UEX (Universal Exchange) becomes easier to understand. This concept was first proposed by Bitget, essentially aiming to allow users to conduct multi-asset trading—not just Crypto, but also stocks, forex, commodities, and even on-chain assets—within a single platform through a unified account and stablecoin settlement.

A similar direction appears in Coinbase's表述. Its CEO mentioned wanting to build an "exchange for trading everything." However, Coinbase emphasizes "on-chain-ization," while Bitget emphasizes "integration," meaning different assets and on-chain/off-chain trading forms coexist within the same system.

Even with aligned directions,节奏 and paths are clearly diverging.

One path is more conservative and稳健, exemplified by Binance and OKX. Their overall approach is to gradually expand TradFi capabilities within the existing crypto trading system. Beyond integrating some Ondo tokenized assets into wallets, they primarily offer TradFi标的 in forms similar to crypto perpetual contracts, settled in USDT with no expiry, emphasizing a more unified exchange experience and maintaining relative克制 in asset coverage.

Essentially, this incorporates TradFi into the existing crypto trading范式 rather than designing a separate system for it.

The other path is closer to "structural restructuring." Taking Bitget as an example, its actions lean more towards operating under the UEX framework.

They have restructured the entire trading system: last year, they first integrated on-chain and CEX account systems; then introduced RWA assets to bridge on-chain and traditional assets; and earlier this year, completed the补齐 of multi-asset trading tools including tokenized perpetual contracts for TradFi assets and CFD contracts.

Here's a point many might be unfamiliar with—CFDs (Contracts for Difference). This is also a different TradFi asset introduction strategy compared to稳健派 like Binance and OKX.

CFDs are essentially a mature traditional financial trading framework: users do not hold the underlying asset itself but take long or short positions based on price fluctuations, with profits/losses determined by the买卖价差. This system is primarily applied in forex, precious metals, stock indices, and commodity markets, with core features being clear rules,明确 cost structures, and完整的保证金 and risk control mechanisms.

Essentially, this approach doesn't改造 TradFi into Crypto but allows multiple范式 to coexist.

Bitget's path is also more aggressive in asset coverage. For instance, the number of stock类 assets on its platform has reached over 250, covering the market in depth. Bitget also disclosed that in January, TradFi accounted for over 10% of its total trading volume, a proportion expected to continue growing. This suggests specialized crypto exchanges (crypto CEXs) might fade from the stage more quickly.

2. Traditional TradFi Exchanges' Intensive On-Chain布局

Traditional TradFi exchanges are converging on the same destination via different paths. Despite the低迷 sentiment in the crypto market, there has never been a period where TradFi institutions, corporations, and enterprises have been as enthusiastic about crypto as they are now.

Looking at the first 3 months of 2026, traditional TradFi institutions'逆势 bets on crypto are astonishing.

• ICE invested in OKX at a $25 billion valuation, entering the fray with real capital;
• The NYSE has developed tokenization technology and plans to launch a blockchain-based platform for 24/7 trading of tokenized stocks and ETFs;
• Nasdaq received SEC approval for a pilot program for tokenized securities trading, allowing stocks to circulate on-chain and share order books with existing systems;
• Robinhood launched over 2,000 tokenized US stocks in Europe, with plans for 24/7 trading and DeFi features in the future.

The common direction of these moves is: traditional exchanges are moving their core assets—stocks, ETFs, etc.—on-chain and integrating many crypto assets and tools, attempting to capture Crypto's biggest advantages: 24/7 operation, borderlessness, and programmability.

From this perspective, crypto CEXs and traditional exchanges are actually forming a某种 consensus: UEX is the future form of trading exchanges.

Although many are fatigued by institutional布局, what's different this time is the同步成熟 of infrastructure and compliance.

The fact that 50,000 people chose on-chain trading during the recent crude oil行情 indicates that infrastructure is ready for user acquisition. On the regulatory front, guidance issued by the US SEC on January 28th categorized tokenized securities into direct issuance and third-party models, reducing compliance uncertainty. Congress is also advancing the stablecoin《CLARITY Act》. In February, China's eight ministries issued new RWA tokenization policies, opening a合规通道 for Hong Kong.

Conclusion

As TradFi is continuously integrated, the boundaries between crypto exchanges and traditional exchanges are rapidly disappearing. But who will define the next generation of exchanges—traditional or crypto exchanges?

Currently, each has its advantages. Traditional exchanges control asset sources, compliance systems, and pricing power. Crypto exchanges possess global distribution, 24/7 trading capabilities, and more flexible account and product structures.

The two are not in simple competition but are converging towards the same goal: becoming a "unified multi-asset trading入口."

However, this evolution towards UEX is still in its first stage. Most efforts只是 involve placing CEX, DEX, Crypto, and TradFi assets into the same platform. More fundamental issues remain, such as how to enable unified pricing, unified risk control, and unified usage of different assets under a single account.

Therefore, the real watershed may not be at the product layer but in more底层 issues like account systems and capital efficiency. Whoever can率先打通跨资产的保证金 and risk models and other core capabilities might come closer to the雏形 of the next-generation exchange.