Crypto Market Structure: Who Trades Where, and Why Execution Depends on Plumbing

Bitcoin

This is part of a broader trend where TradFi heavyweights (Citadel, Jump, Jane Street) are becoming quasi-tech conglomerates, blurring the line between market makers and AI infrastructure owners. It suggests the next competitive moat in finance is proprietary compute and energy, not just alpha models—a shift that will eventually influence how crypto-native firms (exchanges, HFT desks) invest in infrastructure and potentially how they custody or utilize digital assets.

High-frequency trading firms such as Jane Street are investing in AI and chip startups and neoclouds, and building data centers to gain an edge in the AI era.

Jane Street and HFT Rivals Pour Money Into AI Chips and Data Centers

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Wintermute: Institutions Drove 72% of Spot OTC Flow in First Half of 2026

BlackRock Throws Weight Behind CLARITY Act as Senate Races Clock

Crypto Advocacy Groups Back CLARITY Bill as Window for Market Structure Legislation Narrows

CLARITY Act Stalls as Seven Senate Democrats Reject Latest Draft

CLARITY Act Faces Tight Window as Ethics Questions Linger

Blockchain Association CEO: Ethics 'Really Not Our Concern' in Crypto Market Structure Push

Digital Chamber CEO Tells Senate Panel CLARITY Act Would Ease Costs for Lower-Income Households

Senator Alsobrooks Votes to Advance CLARITY Act Despite Concerns