Jason Atkins, Chief Commercial Officer at crypto market maker Auros, has highlighted illiquidity as the primary structural issue facing the cryptocurrency industry. Speaking ahead of Consensus Hong Kong, Atkins emphasized that while institutional interest in crypto is growing, the market lacks sufficient liquidity to accommodate large-scale investments without destabilizing prices. He noted that major deleveraging events have reduced market depth, creating a cycle where illiquidity and volatility reinforce each other, deterring institutional participation. Atkins argued that the problem is not a lack of interest but the market's inability to handle the size of institutional appetite. He dismissed the notion that capital is shifting from crypto to artificial intelligence, suggesting instead that crypto is experiencing a phase of consolidation. The industry's challenge, according to Atkins, is to develop structures that can support large investments, ensuring that liquidity, rather than narrative, dictates market engagement.