Several top CEXs have been laying off staff recently, with cuts ranging from 20-40%—not a small number. Had some chats with friends from a few exchanges. The main reasons boil down to two: First, they expanded too aggressively before. Especially during the bull market phase, exchanges tend to hire like crazy. Entering the bear market, their organizational adjustments are always a bit slow to catch up. The continued layoffs in 2026 also confirm that the market is firmly in bear territory. Second, the impact of AI. For example, where 5 people used to do the work and get paid for it, now it’s 2 people doing the work of 5, earning the equivalent of 2-3 salaries. Some costs have shifted from humans to AI, but overall, companies are saving money—especially in areas like customer service and junior development, which are easier to replace. The early signs are always there—when these top exchanges start hiring again, maybe the next bull market will kick off. But what’s the next big thing for crypto? Still racking my brain... https://(x.com)/Sea_Bitcoin/status/2044376920738115802