BitMart、BitMEX关停或为CEX合规、美股代币化竞争加剧影响,监管套利或细分产品为交易所主要出路

Odaily星球日报讯 针对 BitMEX、BitMart 相继关闭一事,加密研究员 Haotian 于 X 平台发文表示:“2 个交易所前后脚出事了,我看不少人还幸灾乐祸以为要有一些交易所的“暴雷”作为燃料才能驱动下一轮牛市的来临。额,确有一定熊转牛指标特征,但背后的洗牌逻辑可能跟大部分人想的不一样:

1)在整体合规趋势下,CEX 之间的竞争远比想象中要残酷,持牌、储备金证明、KYC/AML/KYT、客户资产隔离等等,这些合规问题成了交易所能否活下去的入场券。

这使得现在 CEX 的“暴雷”空间被大幅压缩,过去“一鲸落、万物生”的零和博弈逻辑也荡然无存了。所以,与其说是暴雷倒不如说面对庞大竞争压力的主动关停,这是市场良性竞争的结果;

2)CEX 在美股代币化赛道上的竞争,其实是交易所主动拓展渠道业务的战略动作,也预示着过去靠上币“费”、交易手续费等为主的平台运营模式要行不通了,而引入代币化美股、ETF、Pre-IPO 资产等传统金融资产标的,急需拓展全新的收入来源和增长场景。

但本身传统 TradFi 资产对加密原生资产的取代就是 CEX 在定价权和结算权上的旁落,短时间靠 Perps 看似可以维系交易量和收入,但长期来看,定价中心沦为通道与入口的“代价”总要面对,因此美股代币化打的越激烈代表 CEX 的存活压力越大,你看,没资格参战的基本都活不下去了;

3)眼下 CEX,尤其是中小交易所必须要找一条差异化定位才能求得生存,就像上周期小交易所靠 IEO 等优质链上资产吸引流量和用户一样,现在的活路貌似只有一条了:要么深耕特定区域牌照和本地化服务,抓监管套利的空子,要么专注有某一特定细分产品,比如 TradFi 资产、Perps、RWAFi 等,要么彻底拥抱加密原生的创新叙事,包括 DeFi、Agentic Economy、MEMEs 等用加密原生社区的力量熬过周期。无论怎样,继续同质化内卷只会加速淘汰潮,不过话说回来,出清掉一些竞争力弱的也并非坏事。”

最热快讯
Interactive Brokers Launches Ethereum Staking Service Powered by ZeroHash
Odaily News: According to market reports, Interactive Brokers has launched an Ethereum staking service powered by ZeroHash.
CME CEO Questions CFTC's Authority Over Prediction Markets, Says Dispute May Reach Supreme Court
Odaily News: CME Group CEO Terrence Duffy stated that the U.S. Commodity Futures Trading Commission's (CFTC) attempt to expand its regulatory authority over prediction markets is "a bit of a stretch," and that the related regulatory dispute could ultimately reach the U.S. Supreme Court.Speaking at the DC Fintech Week event on Tuesday, Duffy said the battle over prediction market regulation could evolve into a legal showdown among state governments, tribal governments, and the federal government. "This is going to the Supreme Court, and I think the states and the tribes will prevail," he said. (The Block)
Trader Killa: Bitcoin's Short-Term Choppy Action May Be a "Liquidation Game," Next Key Level to Watch Is $75,500
Odaily reports: Trader Killa says that for Bitcoin (BTC) to replicate its 2023 price action, it needs to form a higher low (HL) above $75,500 and ideally hold the low near $80,000.After Bitcoin recently reclaimed its short-term structure around the $82,000 zone, it pulled back to test and broke through again, with short-term price action showing strong characteristics of "bull traps and bear traps." When BTC previously fell from $84,100 to $81,000, the structure appeared weak, but a large number of shorts entering at the lows fueled the subsequent rebound.Killa noted that during the drop from $84,100 to $81,000, long liquidations totaled approximately $300 million, while during the earlier decline from $86,800 to $80,600, long liquidations exceeded $2 billion, indicating that the market's leverage structure is improving and the proportion of longs has declined compared to before. The market now needs to form a higher low and initiate the next leg up; otherwise, this correction could break below $80,000.
US mega-cap cloud providers rally collectively, Microsoft stock hits another record high
Odaily reports that according to MSX.COM data, US mega-cap cloud providers including Microsoft and Google rallied collectively. Google-A shares rose 1.07% to $356.510 per share, with a total market capitalization of $4.36 trillion.Microsoft shares rose 1.6% to $549.795 per share, hitting another record high, with a total market capitalization of $4.08 trillion. Amazon shares rose 0.93% to $261.950 per share, with a total market capitalization of $2.83 trillion.
Apple's total market cap reaches $5.06 trillion, setting a new all-time high
According to MSX.COM data, Apple's stock price rose 1.74% in early trading to $346.892 per share, with a total market cap of $5.06 trillion, setting a new all-time high.
Today, U.S. Bitcoin ETFs saw a net outflow of 788 BTC, and Ethereum ETFs saw a net outflow of 29,926 ETH
According to Lookonchain monitoring, today U.S. Bitcoin ETFs saw a net outflow of 788 BTC, with a 7-day net outflow of 8,267 BTC; Ethereum ETFs saw a net outflow of 29,926 ETH, with a 7-day net outflow of 217,087 ETH.
资讯热榜
日榜
周榜
BTC breaks through 84,000 USDT, 24H gain 0.01%
South Korean stock index plunges, exchange activates sidecar mechanism for KOSPI index
Goldman Sachs: $1.7 Trillion Buyback Wave Will Buffer the Impact of Surging Equity Supply
US media: OpenAI reportedly plans to "revive" Sora
Binance Pool and related services will be discontinued on November 10, 2026
Macquarie: Accelerating US September CPI Unlikely to Prompt a Fed Rate Hike in October
Korean stocks close down 5.4%, SK Hynix plunges 10%
KB Securities: South Korean Chip Stocks Pullback May Reflect Investors' Doubts About Earnings Sustainability
South Korea's KOSPI index extends decline to over 4%
Meta releases Muse Wonder series, claiming superior performance to comparable models from Anthropic and OpenAI