Hey, see how many exchanges are laying off people right now? Gemini just laid off 30% of its staff, leaving only 445 employees. Worse, the company is really going bankrupt—losing $585 million last year, after losing over $500 million before. Revenue grew 40% in the last quarter, but losses skyrocketed to $140 million.

The market is really tough. Bitcoin is 44% below its October peak, high volatility, and then all this macroeconomic pressure comes along. Gemini has less than 1% of the global market share, it's really small compared to the bigger platforms. Meanwhile, other exchanges are also making heavy cuts—one major American exchange employs 11 times more people and handles 42 times more volume.

And it’s not just exchanges. Algorand cut 25%, OP Labs eliminated 20 positions, Block Inc. laid off more than 4,000 people. It seems like the entire industry is going through restructuring, investing more in AI to cut costs. Is this the bottom of the barrel, or is there still more to go down?