zero capital gains tax kills hodl culture. philippines removed crypto cap gains in 2022 and exchange volumes jumped 340% in 6 months. traders take profits faster when there's no penalty. this reprices every exchange token. hype and dydx have direct fee capture on increased velocity. the market is pricing this as bullish for holders when it's actually bullish for traders and the venues they use. ...

Market Analysis - The July Exchange Review provides a comprehensive analysis of exchange volumes, market segmentation, derivatives trends, and institutional trading patterns [1] Data Resources - The complete July Exchange Review is available for download at the provided URL [1]