Bitcoin can have a widely recognized global price without every investor being able to trade anywhere near it. That distinction is becoming more important as crypto markets mature under different regulatory regimes. Price aggregators, institutional indexes and derivatives markets can still produce a broadly accepted reference value for a digital asset. Yet the price a trader can actually execute may depend increasingly on where that trader is located, which exchanges are legally accessible and how easily capital can move between venues. In other words, the next stage of crypto market fragmentation may be less about disagreement over what an asset is worth and more about unequal access to the liquidity that establishes that value…