We’re All Losers Here, Just Some Less than Others

The collapse of FTX presents an opportunity for competitors in the market. The exchange managed $9.5 billion of trading volume per day and owned roughly 10% of the global perps market. Now, all of that demand needs to go somewhere. Between centralized exchanges, DeFi protocols, and just simply opting to avoid trading for self-custody in the face of future contagion, people need to find new homes for their trading activity and crypto tokens. So what have investors done? Our report highlights these points to help navigate this period of choppy water.

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