Why has there been a recent wave of cryptocurrency exchange closures? On July 1st, AscendEX (formerly BitMax) announced its closure and cessation of operations; On July 23rd, BitMEX announced its closure in September; BitMart announced today that it will cease operations in late August. At present, it doesn't seem like a thunderstorm, it's just that they voluntarily shut down and don't do it anymore. Users can still withdraw their assets (these three companies haven't seen anyone who can't withdraw coins yet). Why didn't you take the initiative to do it even though there was no thunderstorm? From a personal perspective, this tweet from a year ago mentioned that "without fundamentals, altcoins will face a large number of attacks from stocks and tokens with fundamentals, performance, and high-speed growth. In the past two years, the wealth effect on the US stock market has been much greater than that on the cryptocurrency market. For cryptocurrency investors, how to choose will naturally transfer funds to stocks and even increase the proportion. The migration of funds and users is the first priority. The current situation is indeed as discussed a year ago, with knockoffs being fiercely squeezed and users and funds migrating to the US stock market At that time, there was also a conversation: "CEX, the centralized cryptocurrency exchange, has already felt the impact of the rise of on chain DEx trading in the past year (24-25 years), and it is estimated that in the next year (25-16 years), it will increasingly feel the influence of the tokenization trend in the US stock market. It has not been a full year since I said this sentence, and I can see that cryptocurrency exchanges have already made the US stock market their main battlefield. Shanzhai is being crazily squeezed The US stock market has become the main battlefield for business operations And many exchanges outside the third tier of the cryptocurrency market rely on the listing fees and manipulation of counterfeit coins to make money, and many small exchanges have various types of junk imitations that we may not have heard of. But fundamentally, there is no difference in assets when it comes to US stock tokens. As more and more exchanges launch US stock tokens, users will find that there is no differentiation in assets. So why not go to the top few big exchanges with good liquidity and reputation to play. The final result is that the online assets cannot receive any money, and the user assets are still moving, and this trend is irreversible. Instead of continuing to bleed, it is better to proactively cut losses and close down. This should also be another form of bear market clearing.