Recently, a phenomenon worth noting has emerged. Data shows that last month, during a generally quiet period in the market, most crypto trading platforms were losing users. Specifically, the activity of BTC and ERC-20 addresses declined by 14.1% (CryptoQuant data), indicating a clear retreat among trading users.

However, at this time, a leading exchange instead experienced growth against the trend, becoming one of the few platforms where user retention is still increasing. What is the reason behind this?

From the market performance perspective, Bitcoin has been oscillating around $17,000, with most retail investors choosing to stay on the sidelines. In this quiet market, top platforms are absorbing traffic from other exchanges. Some speculate that this may be due to recent product moves—such as token buyback programs or the timely launch of new tokens.

It should be noted that such short-term data often only reflect phase-specific changes. Market sentiment can be easily amplified by this phenomenon, leading to hype around the so-called "leader effect." However, true competitiveness still depends on long-term user stickiness and product quality. Short-term user influx does not necessarily translate into stable market advantage.