The crypto space is being totally screwed over by these platform bosses. Everyone knows Tether ($USDT) is making bank, but actually, whether it’s $USDC or $USDT, they all have to pay tribute to these big platforms. Originally, miners, mining pools, and platform fees were already draining the system continuously. Now, with a bunch of U.S. stocks added, a lot of people chasing short-term volatility have shifted to playing U.S. stocks. U.S. stocks have better liquidity + bigger swings, so you’ll notice that the days of getting rich overnight with meme coins are pretty much gone. It’s all about leveraging U.S. stocks now. Since it’s all contracts, not actual U.S. stock trading, with higher and higher leverage, one small mistake and you’re off the table. In the end, it’s turned into a massive hunting ground for Wall Street. Right now, among the top 10 platforms by trading volume, half of them aren’t even crypto-focused anymore. What’s predictable is that most crypto liquidity is going to get worse. By the way, it’s been a while since we’ve seen a flash crash—like those days when Bitcoin ($BTC) drops 20% in a day, $ETH crashes 30%, and altcoins get cut in half. With this kind of liquidity, it seems like it could happen pretty easily.