Gate's spot trading volume in November exceeded $163 billion, and this data is incredibly impressive! On one hand, it shows that the exchange's efforts in asset listings and user expansion have yielded results. On the other hand, it also reflects that even if the overall market capitalization of the crypto market pulls back, trading activity in popular sectors such as VC-backed new projects, L2, AI/Crypto, and other segments can still support local liquidity. However, whether this volume dominated by short-term trading can be sustained depends on the future direction of macro liquidity and regulatory policies.