Although it's not great to say this, Backpack is starting to enter the European market, and more seriously, American capital is taking over the global market; the trend has arrived.
1. The initial BTC hash power and exchanges were in the hands of the Chinese, but from the outbreak in Mentougou to the collapse of FTX in 2022, over ten years, trading and hash power have gradually shifted to the U.S.
2. Now, with American capital's IPOs, ETF custodianship, and DAT financing, along with stablecoins, payments, and global market expansion, liquidity is increasingly concentrated in mainstream cryptocurrencies, and the advantages of the Chinese have basically disappeared.
3. Although Hyperliquid is created by Chinese, it no longer originates from the mainland; the Chinese can only participate, no longer lead.
BTC hash power --> loss of liquidity --> shift in infrastructure paradigm --> losing the global market.
Kraken's layout in the stablecoin sector is not limited to $USDG; there is also @StablREuro, which seems to focus on the EU compliance market. Could this be a setup for the foreign exchange market?
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