Glassnode's latest report is clear: the native market structure of bitcoin is undergoing significant recovery, and the rankings for BTC spot on exchanges are shifting! Price has reclaimed key cost ranges, ETF funds are flowing back in, and profit-taking remains relatively low. Meanwhile, the overall BTC spot trading volume across the market has rebounded 121% from the August low. This time, it's price increase + volume expansion, unlike the previous volume spikes during price drops—indicating a shift in market structure. Another notable change is the redistribution of exchange traffic. Binance @binancezh still firmly holds the top spot, but the second tier has seen major changes over the past two years. Among them, Gate @Gate_zh has climbed 4 places to rank third in BTC spot trading, with its market share rising from 2.0% to 9.1%, the highest growth across the board. Over the past 24 months, Gate has entered the top three 9 times, showing the biggest improvement on the leaderboard. So, we can observe a new wave of liquidity redistribution among exchanges: Gate's growth isn't just a short-term surge in trading volume but seems more like structural growth driven by sustained migration of users, liquidity, and market share.