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.