I don't know what markets exist for bitcoin, as I'm not that interested, but for other assets there are shorting, transaction fees, arbitrage, and a whole batch of derivatives.
LedgerX, for example, is a US based physically delivered options clearing house for Bitcoin that supports both retail and institutional customers. I've been a customer since 2017 and so far I'm pretty happy with them.
(They do futures too, but right now their futures aren't particularly interesting).
BTW: fan of your work, Greg.