The issue, here and in the development of many other crypto instruments, has always been market microstructure. Crypto began as a grassroots ideological experiment with buy-in from a very niche group of people who wanted to exchange an asset that had no certainty around it. As a result, the market microstructure that was designed to service it was self-serving, unguided, and naturally unregulated. Some of the infrastructural issues that exist today in crypto such as fragmented liquidity, no consensus around centralized pricing mechanisms, and supply/demand disparities from one trading platform to another are legacy challenges that are just now becoming more addressable as crypto begins to transition from a fully retail market.
