As a blockchain analyst in San Francisco, I’ve been tracking Bithumb’s latest move: Felaz (FLZ) flagged as a trading warning stock due to weak on-chain activity and unclear utility. Meanwhile, Synthetix (SNX) is back in good standing after resolving prior concerns. In this deep dive, I break down the implications using chain data and market psychology—why exchanges like Bithumb are becoming gatekeepers of crypto quality. When on-chain data whispers, I translate its secrets into alpha.