Could 2021 mark the end of the growth for the crypto spot market and the plateauing of many spot-only players? Might seem an odd question to ask when BTC and ETH have made new all time highs, volatility is high, and spot trading volumes are exploding. One might jump to the conclusion that this question is rooted in looming regulatory risks. Acknowledging there may indeed be such risks in the wings, the bigger risk to continued growth of the spot market, judging by history and precedent, may be the success of regulated margin crypto products. …

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