$SEI By 2026, the entire market has shown a clear structural shift:

Capital is flowing comprehensively from centralized exchanges toward on-chain trading and fair, transparent decentralized trading markets. Whether spot or leveraged contracts, funds are concentrating in this direction.

From the data, decentralized contract trading volume has increased substantially year-over-year, while centralized platform contract positions continue to decline. Simultaneously, capital keeps flowing out of centralized platforms, leaving less and less available liquidity on-platform.

The corresponding result is:
Public chain coins and small-cap tokens on centralized exchanges are essentially abandoned by the market, experiencing widespread volume-less declines, liquidity depletion, scarce buy orders, and difficult execution. Numerous tokens have become zombie coins.

The current market is fundamentally a zero-sum game with no new capital inflows:
The vast majority of small-cap tokens lack genuine buy-side interest, with only market makers wash trading, circular trading, and controlling positions at the bottom to accumulate—all relying on self-dealing to maintain liquidity.
Once external capital stops entering to provide support, these tokens enter liquidity death and ultimately head toward zero.