The most noticeable shift in the crypto scene lately is undoubtedly the move by exchanges surrounding regulatory compliance. In particular, the news that Binance has taken measures to restrict the use of HTX has caused quite a stir in the market. In the past, it was common for regulators to pressure exchanges directly, but now large exchanges are taking the initiative to limit dealings with offshore platforms to ensure their own survival.

This move is likely to accelerate the polarization of global crypto liquidity into two paths: 'whitelisted exchanges that follow institutional regulations' and 'offshore exchanges in non-regulated areas.' The isolation of liquidity is becoming entrenched as compliant platforms increasingly distance themselves from non-compliant ones to survive.

What we need to watch going forward is whether large-scale liquidity outflows will continue from these non-compliant offshore platforms. As regulatory pressure tightens, institutional capital will lean more heavily toward regulation-friendly platforms. It will be interesting to see how this divide changes the long-term liquidity structure of the market.