In 2025, the presence of market makers (MMs) and high-frequency trading (HFT) firms in crypto has never been more critical. In traditional finance, automated trading systems now account for 70%–80% of trading volume in U.S. equity markets. The stakes are high: global crypto spot and derivatives volume surpasses $2 trillion per month, yet liquidity remains fragmented across regions and platforms. WhiteBIT, which reported an impressive $2.7 trillion in annual trading volume in 2024, largely driven by a rising number of institutional clients, illustrates how exchanges can evolve into thought leaders by meeting the ... (full story)