The current crypto space feels like a pool. Outflow: Major CEXs are gradually integrating U.S. stock spot trading, drawing crypto users and funds toward the wealth effect of U.S. stocks. Inflow: U.S. stock 'refugees' from platforms like Tiger, Futu, and Longbridge are opening accounts and depositing funds on exchanges like Binance to buy U.S. stocks. Someday in the future, when the capital rotation happens and the crypto market outperforms U.S. stocks, these people will start buying crypto assets. In the short term, it's definitely outflow > inflow. Waiting for that future shift