Centralized Exchanges

Vault12 argues that the SEC’s proposed token safe harbor may not give centralized exchanges enough certainty to list older crypto assets. The firm says VGT has never traded on a centralized exchange despite its view that the project has met or abandoned every relevant commitment tied to its 2018 sale.

Bitcoin and ether order books are now deeper than they were during the historic Oct. 10, 2025 crash, signaling renewed market maker capital in the largest crypto assets. Altcoins and spot trading activity remain weaker, showing a widening liquidity divide across digital assets.

Bitcoin and ether held on centralized exchanges have fallen to their lowest levels in years, a condition once treated as a powerful bullish setup. Market structure has changed, however, as ETFs, institutional custody and DeFi now move coins away from exchanges without necessarily removing liquidity from the market.