Three years ago, a Binance hack would've nuked the entire market. Today? Barely a blip.
Crypto exchanges aren't the gatekeepers anymore.
• Bitcoin ETFs: 1.29M $BTC
• Binance: half that (and bleeding)
Only one exchange left that actually matters to tradfi and regulators: Coinbase. It's the only crypto G-SIB now.
The power shift is real. Institutional custody > CEX custody.
Crypto exchanges aren't the gatekeepers anymore.
• Bitcoin ETFs: 1.29M $BTC
• Binance: half that (and bleeding)
Only one exchange left that actually matters to tradfi and regulators: Coinbase. It's the only crypto G-SIB now.
The power shift is real. Institutional custody > CEX custody.