The crypto market is one of the most fragmented financial ecosystems in history. Unlike traditional markets, where liquidity coalesces around a few dominant exchanges, crypto trading occurs across over 700 exchanges worldwide. This fragmentation presents opportunities and challenges, but it poses greater concerns for institutional players, as it complicates price discovery, degrades execution quality and reduces market efficiency. In this report, Finery Markets analyzes how fragmentation affects market liquidity, transaction costs and execution efficiency. The report examines the structural differences between centralized exchanges, decentralized exchanges and OTC markets. It particularly…
Read MoreHow market fragmentation impacts OTC trading: Report
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