Today marks the end of the 2025 KBW journey, here are some insights from the Korean market: 1. Upbit's market share has declined, while Bithumb's market share has climbed to over 45%. The main reason is speculated to be Bithumb's more flexible listing process, broader coverage, and the absence of huge bribes for listings shrouded in mystery, along with a greater variety of tradable assets, such as the recently well-performing $Wld. I wonder if Chen Fengxia will have a better chance after Naver's acquisition of Upbit, as being frugal means she can't engage in high-end capital games... 2. Korean retail investors have shifted from being project holders & builders to airdrop hunters & traders; the old-school atmosphere of holding onto projects they believe in is becoming increasingly rare. Unless you are a "big shot" project like XRP, which has some historical luck and has been heavily promoted by the cx team. In contrast, Chen Fengxia's Kakao community has shrunk from a peak of 1200...
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