>but just one broker is going to have a market cap of one tenth of that. Makes no sense. Especially given that this one exchange itself has only 11% of the top

>but just one broker is going to have a market cap of one tenth of that. Makes no sense. Especially given that this one exchange itself has only 11% of the top exchange's volume[0]. On the other hand, it's not as easy for institutional money to get into crypto directly as it is to buy Coinbase stock. Additionally, Coinbase is (likely) a less volatile investment in the future of the whole crypto market rather than picking specific winners. 0.https://www.coingecko.com/en/exchanges https://www.coingecko.com/en/exchanges