It is also somewhat easy to enter the market. You do not need a hundred million dollars upfront investment to build a competitor, at least in terms of functionality of provided services. A good example in my opinion is how BitMart is eating up Coinbase US market with many of my friends moving on to safe money on the fees since "crypto is crypto". From their IPO coinbase is 25% down as of today, and I don't see any compelling reasons for the stock to rebounce.
