𝗚𝗠 🚨 𝗪𝗵𝗲𝗻 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝘀𝗹𝗼𝘄 𝗱𝗼𝘄𝗻, 𝗹𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 𝗱𝗼𝗲𝘀𝗻’𝘁 𝗱𝗶𝘀𝗮𝗽𝗽𝗲𝗮𝗿. 𝗜𝘁 𝗰𝗼𝗻𝗰𝗲𝗻𝘁𝗿𝗮𝘁𝗲𝘀. CEX volume dropped ~48% from the peak. But the flow didn’t leave, it got more selective. @Binance still holds: •⁠ ⁠~32% of spot •⁠ ⁠~40% of perps And perps? That’s where the real action is now: $3.5T monthly vs $0.8T spot Binance alone: $1.4T/month In quieter markets, spreads tighten, liquidity thins out, and execution matters more. That’s when you see where trading actually happens. Because in the end, traders don’t follow narratives, they follow liquidity. Read more: https://t.co/dnjF2U8p72