$SEI In 2026, the entire market has already experienced a clear structural shift:

Funds are comprehensively flowing from centralized exchanges toward on-chain trading and transparent decentralized trading markets, with both spot and leveraged contracts concentrating in this direction.

From the data, decentralized contract trading volumes have increased significantly year-over-year, while centralized platform contract positions continue to decline; simultaneously, funds are continuously flowing out of centralized platforms, with available liquidity on venue becoming increasingly scarce.

The corresponding result is:
Public chain tokens and small-cap coins on centralized exchanges have been essentially abandoned by the market, with widespread volume-less declines, liquidity exhaustion, scarce buy-side interest, and difficult transactions. Numerous coins have become zombie coins.

The essence of today's market is zero-sum competition with no new capital inflow:
The vast majority of small-cap coins lack genuine buy-side demand, with only market makers at lower levels doing wash trading, offsetting trades, and accumulating positions through self-dealing to maintain the order book.
Once there is no off-exchange capital entering to take positions, such coins enter liquidity death and eventually approach zero value.