Institutional Crypto Trades Surge as Derivatives Grow

Wintermute's latest OTC flow report for the first half of 2026 highlights institutional dominance in crypto markets, particularly in Bitcoin (BTC) and Ethereum (ETH). The firm attributes shifts in token concentration, derivatives growth, and evolving institutional strategies as critical drivers of this transformation.

The report builds on trends identified in its 2025 analysis, which highlighted liquidity consolidating in large-cap tokens. Wintermute's data showed that in 2026, institutional flows continue to dominate, with derivatives, particularly options, playing an increasing role in portfolio strategies.

Derivatives volumes have surged, doubling year-over-year in 2025, and this momentum persisted in 2026. The firm attributes this growth to institutional demand for capital-efficient execution and yield-enhancing strategies.