Recently, there has been a general feeling that the liquidity of the Crypto market has been absorbed by the US stock market. Talking with friends at the exchange, he complained that there is a lot of pressure on the second-tier exchanges.

Spot

◦ After the meme coin craze, user habits have formed, and many 'meme coins' that are not listed on CEX can still have good on-chain liquidity.

◦ Binance Alpha is aggressively listing coins, directly impacting the spot lists of second-tier exchanges like Gate, Bitget, and Bybit. Project teams believe that listing on Binance Alpha offers better value for money.

Contracts

◦ Similarly, Hyperliquid has good liquidity, and the fact that it doesn't require KYC has also attracted many hackers and speculative funds.