Hello! It's Kito. The crypto market's capital landscape has been shifting in a really interesting way since July.

Over the past month, major offshore exchanges like AscendEX, BitMEX, and BitMart have faced a series of business closures and legal disputes. BitMEX is caught up in a multi-million dollar lawsuit, while BitMart is suffering from a sharp decline in token prices. Interestingly, this looks more like a sign of 'structural improvement' rather than the end of the market.

We are seeing a 'flight-to-quality' phenomenon in the market, where capital from high-leverage offshore channels is rapidly moving toward institutional infrastructure led by firms like Circle and major fintech companies. While issues like the Bank of Korea's '51% rule' debate over stablecoin legislation remain, the influx of capital into regulatory-compliant assets will likely become the dominant trend in the long term.

Rather than being swayed by short-term bad news, it is worth focusing on this massive shift as institutional capital reallocates to safer, more transparent channels. 😄