The EU's crypto rulebook fully kicked in on July 1. One week later, the regulated market has a clear #1: Kraken.

$416M in spot liquidity — nearly half of all MiCA-regulated liquidity, and 2.4x its closest rival. Kraken alone runs deeper than Coinbase and Crypto com combined.

The exchanges that went all-in on EU compliance early now own the market. In regulated Europe, being big globally means nothing. Being licensed and liquid means everything.