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Institutional Dark Pools Consume 15% of Crypto Trading Volume

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The crypto market is undergoing significant changes as institutional dark pools quietly consume a substantial portion of trading volume. According to sFOX, execution through crypto dark pools rose from negligible levels in April to 15% of monthly volume by June.

The firm's July report revealed that 77.7% of institutional volume moving through the platform was routed through OTC desks, while only 18.4% landed on public exchanges. In May alone, dark-pool volume reached $147 million.

sFOX's Diana Pires attributed this shift to structural changes, comparing it to the evolution of equities and foreign exchange markets years ago.

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