To who? Are large buyers outpacing small buyers? In other words, are entities with deep pockets taking advantage of the fact that people are getting liquidated to pick up the bitcoin?

Vertical integration is the logical endgame when you're building on a monetary network. Every third-party dependency is a potential chokepoint — and in Bitcoin, chokepoints become regulatory attack surfaces. Owning the exchange means controlling the on-ramp, which is where most friction (and censo...