There was a time last year where consolidation in the exchange space was happening. Then volumes and volatility spiked and now exchanges are doing pretty well. Coinbase just raised a unicorn valuation for example.
I think if the market keeps going on the tractory it is then institutional players will demand access to the space and there will be plenty of sell-side guys who will figure out how to make a compelling offering to service them. The biggest question for me is — are those traditional bank broker-dealers or are they some new type of entity that emerges in the space?