Deribit adjusted its fee structure, and I checked today—it’s already in effect this month. Institutionalization will become even more apparent moving forward. First, the overall fees have decreased, especially the cap for deep out-of-the-money options for large accounts, which has been significantly reduced. Liquidity for deep out-of-the-money options should improve a lot in the future, and activity in dated options will increase. This change was long overdue. As for spot trading, which barely anyone uses anyway, they’ll start charging fees in the future—and not low ones. I guess even fewer people will use it now.