#MyStrategyEvolution The Bitcoin economy includes on-chain and off-chain components, with centralized exchanges becoming increasingly influential as the asset matures and financial instruments expand. These platforms facilitate majority trading and serve as key price discovery venues.

Evaluating off-chain exchange activity is essential for holistic ecosystem analysis. Spot market trading has remained strong, averaging $10B daily volume and peaking at $23B in November 2024. This spot volume magnitude often matches daily on-chain settlement, highlighting parallel activity scales between spot markets and the base layer.