With the maturation of the cryptocurrency finance sector, exchanges are facing a wave of mergers, reorganizations, and closures;

There is no room for so many exchanges in this world. In an environment of sluggish market conditions, mutual liquidation among existing players, and new investors not emerging, there are only so many contributors to transaction fees and contract positions. The future will be a situation of too many monks and too little porridge!

The operational costs of exchanges are astonishing. Even for a second-tier exchange, the number of servers can approach a thousand. The hard costs for servers, various cloud services, bandwidth, etc., amount to at least several million to tens of millions. Moreover, the total number of employees in departments of exchanges like this will not be less than a thousand. For instance, the world's largest exchange, Binance, has 8,000 employees, many of whom are programmers, with salaries starting at 5,000 USD. Even smaller exchanges have salaries in the millions.

Bybit lost 1.5 billion, which, in their own words, is equivalent to a year's net profit. Adding various operational costs, Bybit needs to earn at least over 2 billion a year.

Exchanges like X, Y, Z, and Bybit, among other second-tier exchanges, need to extract over 10 billion from the crypto market each year, while Binance and OKX earn even more. Roughly estimating, exchanges extract 20 billion from the crypto market annually, which is like drawing 20 billion in blood. This does not even account for exchanges outside Greater China, which require a continuous influx of capital into the crypto sector.

In any emerging industry, there will initially be a flourishing scene, but eventually, only 2 to 3 companies will remain after the sand is sifted. For example, in the automotive industry, at its peak in the U.S., there were over a thousand car manufacturers, but it eventually boiled down to just two and a half.

The cryptocurrency industry is no exception; the closure of accounts by exchanges is a precursor!

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