The report highlights how perpetuals, futures and exchange-traded funds (ETFs) now drive crypto’s liquidity and leverage, reshaping how stress transmits through the market.
FalconX and 21Shares released their joint report, Bitcoin and Crypto Market Structure , on 16 April, arguing that the crypto ecosystem is now increasingly shaped by the underlying market plumbing. According to FalconX, most allocators continue to misprice this infrastructure and underestimate how it actually functions.The report begins by reframing crypto exposure into three channels - spot, derivatives and wrappers - and stresses that that this split determines how liquidity behaves. The repo