Matrixport:
▫️With CZ stepping down and the fine less than the $10bn feared, Binance will likely remain a top-three exchange over the next 2-3 years. There will likely be pressure to ‘right-size’ the company with 6,000 employees. While this plea deal does not include the SEC, this is a very favourable outcome for CZ and Binance itself.
▫️Next month, the FTX exchange will likely be sold and run by a US securities law-compliant management team, which could re-launch the exchange by Q3 2024. There could be $24-50bn in inflows into any US-listed Bitcoin ETF. There will be a shift from unregulated wild-west exchanges that serve retail investors to fully regulated and compliant venues that serve institutions.
▫️As the macro-environment continues to be a tailwind with the demand from institutions, 2024 will likely be another rocking year for Bitcoin — CZ might come back during the next bear market in 2026.
https://www.matrixport.com/institutions/research/daily-insights/771#top