[DeFiance Capital CEO: Marginal Risk Capital in Crypto Markets Relies on Offshore and Korean Exchanges] DeFiance Capital CEO Arthur stated that his trading performance has significantly improved recently by ignoring macroeconomic noise and focusing on the supply and demand dynamics of the cryptocurrency market. He pointed out that although the U.S. traditional financial sector holds an optimistic attitude toward the crypto market, this sentiment may be difficult to sustain without seeing substantial capital actually entering the market. Arthur emphasized that the primary sources of marginal risk capital in the current crypto market remain concentrated in offshore and Korean centralized exchanges. However, the capital inflows into these exchanges have been declining for several consecutive months, which may potentially impact market liquidity.