Is Arbitrage is dead in crypto market?

As a small time arbitrager, i see there is less spread on exchanges and slow price movement is killing arbitrage opportunities. There is lot of reasons affecting this issue, like government regulations, Too much fees (Transfer deposit, tradee, and withdrawl) , bitconnect scam, exchange hacks, too many ICOs..etc.

All our Indian Exchanges like Koinex, Coindelta, Zebpay, Unocoin are introducing useless and penny worth coins (E.G Nucleus Vision) to attract users, but this attitude is failing a lot. As per Koinex, in December total of 300-400 BTC' s traded , in Feb-March its below 100 BTC's per month. Even though so many new exchanges coming up day by day and making money over small time crypto buyers with their higher fees, it's damaging the system of trust over the real benifit of Blockchain technology.

Not making money is not my problem here, but the system is getting messed up and we are in the middle of it.

So, with my few years experience in crypto market and i suggest newbie who are entering this market for arbitrage opportunities, Do your reach well before putting your hard earned money. Knowledge is Power!