According to Ki Young Ju, the absence of direct BTC-to-altcoin rotation on crypto exchanges could be attributed to the current market dynamics and liquidity issues. Traders are likely opting for USD pairs due to higher liquidity and lower slippage, making BTC as an intermediary less attractive for altcoin trading. This trend is observed across major exchanges where USD pairs dominate trading volumes. (Source: Ki Young Ju on Twitter, February 21, 2025)

According to Miles Deutscher, trading volumes across major cryptocurrency exchanges have been steadily declining. This reduction in volume leads to choppier market conditions as market makers withdraw liquidity from the order books, affecting traders' strategies. [Source: Miles Deutscher on Twitter]

According to Mihir (@RhythmicAnalyst), crypto exchanges are transforming into centralized banking systems (CEB), performing functions such as lending, custody, and staking, akin to traditional banks. This shift may impact trading dynamics as exchanges diversify their offerings beyond mere trading platforms.

According to The Data Nerd, there have been significant Ethereum withdrawals from exchanges totaling 12,624 ETH, approximately valued at $33.12 million, within a 24-hour period. Notable withdrawals include 3,235 ETH (~$8.82M) by address 0x11d, and 2,500 ETH by address 0x562, which may be associated with Berachain. These large withdrawals could indicate a shift towards long-term holding or utilization in decentralized finance, impacting ETH liquidity on exchanges.

According to ZachXBT, there is a potential for legal firms to exploit crypto exchanges due to lapses in KYC/AML processes, referencing past incidents like the BTCTurk hack involving Coinbase.