2/ In the past 2 years, FTX has grown from nothing to the No.3 exchange on the market.
When FTX was launched (2019/4), there were already big players in the derivatives market such as BitMEX, OKEX, Huobi, Bitflyer; and Binance was ready to enter the game.
3/ It's a miracle that FTX can break through the siege. What is the key? I think there are two things: innovation and execution.
2/ BTC's short-term price action is dominated by the derivatives market. When the people are in "FOMO" mode, they would radically long BTC in derivative markets regardless of the cost of leverage.
3/ As a result, you'll see the perpetual funding rate and the annualized basis skyrocket, and it wouldn't last long before the price topped in.