According to @KobeissiLetter, crypto trading is undergoing a structural shift as liquidity that historically resided on centralized exchanges like Coinbase and Binance is increasingly moving to more efficient decentralized exchanges. Source: @KobeissiLetter on X, Dec 18, 2025. The post cites a $1 million SOL trade on Solana as an example highlighting improved on-chain execution efficiency. Source: @KobeissiLetter on X, Dec 18, 2025. Traders focused on SOL routing can reassess DEX versus CEX execution for large orders on Solana given the author’s claim of rising DEX efficiency. Source: @KobeissiLetter on X, Dec 18, 2025.