BitMEX and BitMart both said they’re winding down this week, two names that have been around basically forever. Every time this happens people call it bullish for onchain, but the flows usually just consolidate into other CEXes or DEXes

Perp volume does seem to move onchain through Hyperliquid. Spot and stables stay stickier on exchanges because of the fiat ramps. Would you guys agree that the money is moving to onchain tools now?

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