Melvin Deng, CEO of QCP Capital, led a panel discussion at the Digital Asset Summit 2025 in London, focusing on the evolving structure of the crypto market. The panel, which included experts from Wintermute, Anchorage Digital, and Hidden Road Partners, examined the ongoing fragmentation across centralized exchanges (CEXs), over-the-counter (OTC) markets, and decentralized finance (DeFi) platforms. They stressed the necessity for advanced infrastructure to seamlessly connect these diverse venues. The discussion also underscored the role of prime brokerage in boosting capital efficiency and liquidity, emphasizing the need for trust, transparency, and well-defined operational boundaries to facilitate institutional adoption. Additionally, the panel explored the future of tokenization and real-world assets, noting the challenges related to standardization and ensuring on-chain transparency.