Much of the adoption, however, benefits established financial institutions rather than token holders, Seiler said. As traditional finance integrates blockchain tech into existing workflows, less value accrues directly to crypto assets than investors expected several years ago.

Founded in 2021, STS Digital is a Bermuda-regulated crypto options market maker that provides 24/7 liquidity and pricing for institutional clients trading digital asset derivatives. The firm specializes in over-the-counter (OTC) trading.

AI, regulation add to crypto headwinds

Another barrier to growth is artificial intelligence. Investor enthusiasm for AI has diverted both attention and capital away from crypto, Seiler said.

High-profile developments around companies…