If institutional money drives the market…
Is crypto still decentralised in practice?
Or we are watching it slowly move from decentralisation?
Charles has already mentioned not all crypto is decentralized, which means most of it is centralized, but if you are talking about bitcoin or the ones that are decentralized. Then, bro, you still got wrong idea that they are getting centralized now. Institutional money means the tokens are going to be more volatile than ever but it does not mean they can demand whatever they want, like if they want they can shut down Bitcoin, or any other decentralized coin. But you are referring to the whole market in here, so that means besides btc and some other good decentralized coins, you can say that institutions if gets involved they can manipulate them easily or maybe demand changes.
But if the platform is really decentralized, they can't do a thing.
Some platforms are semi-decentralized so you can't count them.