Published Aug 25, 2026, 4:06 PM ET · Updated 3 months ago · 1 source

Competition between incumbent exchanges and crypto upstarts will define 2026 market structure

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Original Report

A 'pitch battle' between incumbent capital market players like CME, which is introducing futures and suing to block competitors' perpetual futures, and new crypto upstarts such as Coinbase and Hyperliquid, driven by regulatory issues surrounding perpetual futures and liquidity, is identified as the defining market structure story for 2026.