According to @ThinkingUSD, crypto market structure could change as users stop onramping via centralized exchanges (CEXs), highlighting Hyperliquid as an alternative venue (source: @ThinkingUSD on X, Oct 16, 2025). For traders, this implies monitoring onchain perpetual liquidity, order book depth, and funding on Hyperliquid versus major CEXs to gauge flow rotation risk and basis dislocations (source: @ThinkingUSD on X, Oct 16, 2025). Key near-term signals include shifts in 24h volume, open interest, and taker-to-maker ratios on Hyperliquid, plus net exchange inflows/outflows on CEXs as a proxy for onramp migration (source: @ThinkingUSD on X, Oct 16, 2025). If liquidity migrates, expect wider cross-venue spreads and funding divergence that can create arbitrage and slippage risks for BTC and ETH perps, making position sizing and venue selection critical (source: @ThinkingUSD on X, Oct 16, 2025).