Luuk Strijers, chief executive of Deribit, said he was sceptical about the sustainability of many crypto trading platforms due to regulatory pressure. "I think a lot of platforms will cease to exist, so rather, I think the regulatory framework will be strengthened globally and make many of the platforms in the current large list no longer viable, either because the operating costs are too high or because regulators will simply shut them down," he said. Strijers predicts that only a few platforms will thrive as the industry matures. "If you want to serve institutional clients on a global scale, but perhaps more importantly retail clients, the regulatory framework is already very strict and will only get tighter, so at the end of the day, volume is simply not enough to make them all sustainable, so I think there will be a massive shift and the focus will be on the top clients," he says.