From Altcoins to Everything: Crypto's Biggest Exchanges Are Going TradFi

This report examines why major crypto exchanges (Binance, Bybit, Coinbase, Kraken) are pivoting toward traditional finance products, citing three pressures: declining altcoin trading volume, Hyperliquid’s absorption of on-chain liquidity via stock derivatives, and improved regulatory conditions. The analysis suggests altcoins do not feature prominently in any of their forward plans, signaling structural challenges for crypto projects dependent on exchange support.