Behind the sideways coin prices, the "all-in-one" ambition of leading exchanges.

The crypto market has been quite sluggish lately. The price of Bitcoin has been fluctuating between $82,000 and $92,000, ultimately struggling to maintain around $86,000.

Interestingly, the analysts at Bernstein mentioned that this round of adjustment is different from previous ones. Why? Because now those leading trading platforms have started to actively seek change. Although market sentiment is weak, they have long stopped focusing solely on the income from coin-to-coin trading.

Take a compliant platform as an example; it is playing the “all-in-one exchange” strategy. The regulatory environment has loosened a bit recently, and with a few acquisition moves, the business lines have directly expanded into tokenized stocks, prediction markets, and even consumer payments. Even more hardcore is the derivatives sector—now contributing over 5% of trading revenue. What does this number mean? It has the confidence to go head-to-head with those multi-asset trading apps.

So you see, the coin price is fluctuating, but some players' stories have changed.