Bitmart didn’t shut down because the exchange ran out of money Nor because of the deep bear market in crypto It’s because the rich second-gen boss, who has both licenses and money, got targeted for a shakedown. Don’t overinterpret it. If the exchange itself was really out of money, it wouldn’t have ended like this. This kind of shutdown can be interpreted like this: - For certain people: ‘I’ve already closed shop, so stop coming to me for money.’ - All exchanges have seen their volumes shrink by 90%, even the top ones. The boss probably thought about it and decided it’s better to just close up and enjoy life. Getting misled by dumb interpretations could mess up your trading strategy. This time in Monaco, I had a chat with a few bros, and we exchanged our views on the crypto space. Everyone’s shutting down their heavy-asset businesses and pivoting to people-focused ventures: - Some are starting lightweight online MCN operations, recruiting small-time actors to become streamers. - Some are partnering with upstream suppliers to flip H100 GPUs. - Some are opening KTVs in Japan and South Korea (catering to the demand from wealthy Chinese emigrants). When the dollar tide recedes, getting into the business of cheap labor is the smartest move. With the impact of AI videos, female ‘two-legged sheep’ are practically dirt cheap right now.