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The latest crypto M&A deal makes more sense when considering the segment’s evolution in 2024. 

Digital asset prime broker FalconX bought trading firm Arbelos Markets in a bid to become one of the market’s largest crypto derivatives dealers.

FalconX, in a Thursday news release, noted the institutional market’s significant growth over the past year, “driven by positive regulatory momentum along with the growth of ETF and derivatives markets.”

The company added: “Similar to traditional asset classes, crypto derivatives will continue to scale to be many multiples of spot markets.” 

After bitcoin ETFs launched in…