Bitcoin has come a long way since the early days of relative obscurity. The evolution is fueled by a flood of institutional money, both around the infrastructure but also directly into the asset.
This report discusses and explains the different aspects of the bitcoin trading ecosystem and gives an overview of how interconnected the current infrastructure is. Trading venues are the section of the ecosystem that most people are familiar with. Still, without the essential roles of other participants, the bitcoin trading ecosystem would not be working as seamlessly as it does today.
Market makers, brokerages and OTC desks, custody companies, crypto-friendly banks, and fiat on-ramps are all essential parts of the growing ecosystem around bitcoin.