The author's short thesis on crypto exchanges is playing out, with Gemini Space Station Inc ($GEMI) down 47% and Coinbase ($COIN) down 21% over the past month, while Bitcoin is only down 11%. This suggests continued weakness for centralized exchanges due to eroding trading fees and the shift to decentralized exchange (DEX) trading. Consider shorting $COIN and $GEMI, potentially pairing with a long Bitcoin position to remain delta neutral.