The wealth accumulated over several cycles As long as the foundation doesn’t have major issues during a bear market, these top exchanges are doing better than anyone else. Small exchanges are really struggling, very few can survive a bear market. Remember the era with the most exchanges was back in 2019, a bunch of SAAS platforms came out to compete in the market, but most couldn’t make it through the bear market. In the end, the ones that survived are still the few we see today. Retail investors are the same—if you can survive in the space for over 3 years, you’re basically a qualified "chives" (newbie).