Wu Shuo learned that according to a report from crypto data institution Kaiko, the spot market share of US crypto exchanges has risen from approximately 8% to 15% within a year, nearly doubling. Meanwhile, Bitcoin liquidity in the US domestic market is continuously strengthening and has surpassed some offshore exchanges in multiple trading pairs. Kaiko indicates that this change is primarily driven by factors such as ETF demand, institutional trading consolidation, and improvements in compliance and transparency.