Recently, I have combed through the market transaction data, and there is an interesting phenomenon I would like to talk to you about.

In this bear market, the spot trading volume market share of a leading exchange has recently surpassed that of another leading exchange. This is indeed not easy in the current market environment, where the signals of intensified competition are very evident. Particularly, the performance of newly listed tokens has been especially remarkable, which fully indicates that user activity and trading enthusiasm are continuing to heat up.

From the data, the concentration of spot trading is undergoing subtle changes. The competition between leading exchanges has shifted from merely the number of cryptocurrencies and fee discounts to a competition in user experience and trading depth. A bear market often reveals the true strength of a platform — those who can maintain trading activity during a downturn will hold the discourse power in the next market cycle.