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High volatility and falling prices caused the market to shrink by 39%. Especially retail investors started to withdraw from the market in panic after consecutive liquidations, experiencing significant losses.
🧐 "Self-criticism" Time: Why Are Exchanges Being Abandoned?
The real issue is that users don’t want to return even when the macro environment begins to improve. Here are the structural problems created by the exchanges themselves:
User Experience and Security
· Escape to DEX and Self-Custody: Users adopted the philosophy "Not your keys, not your coins." Transferring assets from centralized exchanges to cold wallets and decentralized platforms weakened the order books on exchanges.
· Institutional Segregation: Large capital started trading on OTC desks and ETFs instead of exchanges. This shifted price discovery to different arenas, permanently eroding exchange liquidity.
👉 Those Who Cannot Adapt Will Disappear
Falling volumes are a consequence; the real issue is trust. Why aren’t new users coming? Because platforms filled with complex interfaces and coins without a story scare away investors seeking safety. Why do those who come leave? Because exchanges fall short on transparency and security.
In light of this, exchanges must ask themselves: Is it possible to attract users back to platforms without first restoring their assets and trust from this opaque "shadow banking" system?