By Allium Research
On-Chain Trading Data Gaps: Risks for Crypto Market Oversight
As of mid-2025, crypto exchange trading volumes have reached unprecedented levels, spiking above $1.8 trillion in a single month (The Block). Despite millions of new retail traders coming on-chain every month, these participants face two systemic disadvantages: 1) Incomplete market data and 2) Inconsistent trade execution quality.
These inefficiencies are not just an inconvenience for retail traders. They raise risks for the broader market, exposing consumers to predatory practices and undermining trust in digital asset markets. For regulators and institutions, these gaps create blind spots that complicate oversight, risk management, and consumer protection.
This article outlines what Allium’s analysis uncovers about today’s crypto trading environment, how our data methodology establishes trust in those findings, and why lessons from traditional finance are directly relevant for regulatory oversight of blockchain markets.
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