I was just thinking: all the exchanges and third-party data providers were working fine, so why is Bitget suddenly integrating Nasdaq now? I think the reason is pretty simple: previously, the crypto space had very little demand for U.S. stock market data. Using third-party aggregated data was enough—cheap and convenient. But with third-party data, there’s always an extra layer of relay and processing. The advantage of directly integrating Nasdaq is that the data pipeline is shorter, the market data is more timely, and during extreme volatility, price continuity and stability are better. For institutions, millisecond-level data and processing costs are also significantly reduced. Bitget isn’t just “plugging in Nasdaq data and calling it a day.” They’ve added their own layer of data processing, real-time monitoring, quality comparison, simulation validation, and anomaly filtering on top of the official data. It’s essentially official data + their own risk control measures. Now that U.S. stock market services are involving larger trading volumes, deeper market data, margin trading, and collateral, the market data can no longer just be “good enough.” At this stage of business development, the underlying data needs to upgrade from the “good enough” standard of crypto to the higher standards of TradFi. This will be a huge help for those of us doing TradFi arbitrage between perpDEX and CEX. If there are fee discounts, high rebates, or maker rebates, it could make arbitrage almost cost-free.