The US market is not representative at all. It is basically nothing (and Susequehana's operation isn't large). Exchanges are cumulatively worth tens of billions

The US market is not representative at all. It is basically nothing (and Susequehana's operation isn't large). Exchanges are cumulatively worth tens of billions and they are a tiny part of the market. Again, most of the people involved have no interest in VCs (I know a few people starting exchanges). They know nothing, and they usually have less money than them anyway.