May is shaping up to be a recovery month led by exchange inflows rather than ETFs. We’ve seen $3.3 billion in net inflows MTD, but what stands out to me is that 78% of that capital is flowing into a single venue: Binance. Binance's three-month average was 29%, so jumping to 78% suggests institutional and smart money players are consolidating their capital into the deepest liquidity pool available. When liquidity is this concentrated, the order books on one exchange effectively set the "truth" for the entire market. This centralization reduces fragmentation, meaning the $3.3 billion in new capital has a more direct impact on driving price than if it were spread across ten different venues.(Ali Charts)