A game in winter is quietly unfolding in the crypto market.

Interestingly, this year’s newly launched DeFi protocols are shouting about 15% or even higher annual yields, but big capital is doing the opposite—they are willing to spend huge amounts of money, even actively accepting negative interest rates in certain cycles, just to pile thousands of ETH into top-tier brokerage platforms. This scene looks a bit surreal.

Generally speaking, where does the money flow? It’s definitely towards the highest returns. But if you think that way, it shows you haven’t entered that circle’s mindset. For players holding hundreds of millions in assets, yield ranking is often a low priority. What do they care about? Certainty.

Imagine if the market is like an ocean, retail investors fishing in the shallows, enjoying colorful opportunities; while the big players are sailing vast oceans on ships weighing thousands of tons. The most deadly threat to a captain isn’t running out of fuel, but a sudden hurricane. Not sinking in extreme conditions—that’s what’s truly valuable.

So here’s the question: why, by 2025, are large funds willing to pay extra to choose top-tier brokerages?

The most straightforward reason is—regulatory compliance premium. Last year, the global regulatory landscape shifted dramatically, with the MiCA regulation fully rolled out, and compliance frameworks tightening worldwide. Liquidity in gray areas is now ridiculously expensive, and the risks are equally daunting. If your BNB comes from a source with vague origins and you try to withdraw fiat from an exchange, anti-money laundering systems are likely to flag you immediately.

Top-tier brokerage platforms don’t just sell trading counterparts; they sell institutional-grade compliance channels. With them, your fund’s flow is clear and transparent, and compliance is impeccable. This access pass—how much is it worth to fund managers managing huge assets and needing to report to LPs? Priceless.

Sometimes, the most expensive service fee is actually the cheapest insurance.