[Did BitMart and BitMEX Fall Victim to Binance Alpha's Impact? Crypto KOL Claims Binance Alpha and Trader Migration May Be Key Reasons for Exchange Closures] Odaily Planet Daily reports that crypto KOL Phyrex posted on the X platform, stating, 'BitMart and BitMEX didn’t collapse due to scandals, which is very different from FTX’s downfall. For these two, it was mainly a business issue.' According to him, BitMart had approached some of his acquaintances in 2023 to discuss an acquisition. They even conducted a lot of data analysis at the time, but ultimately, nothing came of it. In fact, part of the decline of many third-tier exchanges can be attributed to the impact of Binance Alpha. Small exchanges are typically havens for various altcoins, pump-and-dump coins, MLM coins, and community coins. However, the emergence of Alpha provided these coins with a better platform, which significantly reduced listing fees for third-tier exchanges and slashed the profits from joint market-making schemes. Another factor is the 'signal providers.' While the total number of these signal providers isn’t very large, they constantly bring in waves of followers. These providers often operate across multiple exchanges, and once a new exchange offers better profits, they quickly migrate their followers to the new platform. The recent closures of several well-known exchanges generally follow this pattern.