The short thesis on crypto exchanges like Gemini Space Station Inc ($GEMI) and Coinbase ($COIN) continues to play out, with $GEMI down 80% in two months and 47% in the past month. The author suggests that the decline in revenue from trading fees, coupled with a pivot to pumping Zcash, indicates no immediate reason to cover the short on $GEMI. Consider maintaining or initiating a short position in $GEMI and potentially $COIN as a pair trade against Bitcoin to stay delta neutral, betting on continued underperformance of centralized crypto exchanges.