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Today, we focus on a phenomenon that has shaken the entire industry—the largest wave of crypto asset outflows since 2022. Let’s turn back the calendar to November 2022. In just 50 days, over $19 billion worth of assets, including Bitcoin, Ethereum, and stablecoins, were withdrawn from trading platforms. This means nearly 35,700 BTC and 4.48 million ETH chose to “escape” exchanges during that panic-filled November.

Why did such a massive outflow occur? It’s not just numbers; it’s a “vote with your feet” for trust. In 2022, we saw the falsehood of the once “authoritative” FTX collapse. When the risks of centralized platforms are fully exposed and investor confidence is shattered, the old adage “Not your keys, not your coins” has transformed from a slogan into a hard-and-fast rule for many to safeguard their assets.

This large-scale asset migration appears to be a flow of funds on the surface, but in reality, it’s a reshaping of the industry’s underlying logic. It signifies that the crypto world is undergoing a painful transformation—from “blindly chasing centralized authority” to “returning to the decentralized roots.” Despite the cold wave, every shuffle is for a healthier future.