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ARK 三季度报告拆开看，现货 DEX 环比多出六百多亿美元成交，其中四百多亿是把美股搬上链带来的——这块上季才五十来亿，一季翻了九倍，占 DEX 的比重从百分之一跳到百分之九。也就是说这轮回暖三分之二的增量，跟币圈自己的活跃度关系不大。 另一头反差更直白：永续 DEX 未平仓涨了七成六到二百四十亿美元，季度成交反倒跌了一成六。仓位越堆越大，换手越来越少，报告管这叫「持有更久」。扛着不动的仓位，手续费从哪儿来。 $BTC $ETH
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22:25 · 10/21/26·1.55K views·Posted on OKX Orbit

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