The SEC has recently targeted major crypto exchanges, impacting liquidity across the industry. Consequently, spot trading volumes during Q2 2023 plummeted, reaching the lowest levels since 2020. Despite this, Kraken emerged as remarkably resilient, increasing its market depth since the start of the year. Although US-based exchanges experienced liquidity crises, overseas platforms such as OKX successfully capitalized on these market changes, amplifying market share and liquidity at the expense of industry giant Binance.

Despite market turbulence, institutional clients remain optimistic about the future of crypto. According to a recent Binance Research survey, 63.5% of respondents held a confident outlook for the sector in the coming year, while an overwhelming 88% expressed optimism for the next decade.