The trading pair #Circle扩大IPO规模 is the core mechanism of the cryptocurrency market, referring to the paired trading relationship of two assets (such as BTC/USDT), divided into major trading pairs (such as BTC/USDT) and minor trading pairs (such as ETH/BTC). Its operation is based on the matching of buy and sell orders: the buyer's order specifies the purchase price and quantity, while the seller's order does the opposite, and the exchange facilitates the transaction between both parties. Liquidity is a key indicator; high liquidity trading pairs (such as mainstream cryptocurrencies) have smaller spreads and quicker transactions, while low liquidity trading pairs may face slippage risk.

In traditional financial markets, trading pairs are also used for paired trading strategies to arbitrage based on price differences of correlated assets. Whether in the cryptocurrency space or traditional markets, the trading pair mechanism relies on supply and demand dynamics and real-time price discovery, and investors need to consider liquidity, fees, and security factors when choosing trading pairs.