Cryptocurrency trading is undergoing a structural transformation:

For years, serious liquidity lived off-chain in centralized exchanges like Coinbase and Binance.

Now, decentralized exchanges have become more efficient.

For example, a $1 million trade on Solana, $SOL, in decentralized Solana exchanges (DEXs) now moves the price by only ~5 basis points, per @JupiterExchange.

In comparison, Coinbase sees price fluctuations of about ~12 basis points, more than double what decentralized Solana exchanges see.

Institutional-grade execution moves quickly on-chain.