Institutional Investors Drive Record 72% of Crypto Spot Trading Volume
Institutional investors dominated crypto spot trading volume in the first half of 2026, accounting for a record 72% on Wintermute's over-the-counter desk. This is up from 59% a year earlier and marks a significant shift towards institutional influence in crypto markets.
The report ties this change to a prolonged bear market that pushed retail traders toward equities instead. The absence of these traders gave institutional flow more weight in shaping prices, with hedge funds, digital asset treasuries (DATs), asset managers, and family offices driving the 72% share.
This concentration is linked directly to falling volatility, with Bitcoin's (BTC) realized volatility roughly halved across market cycles. The patience of institutional investors, who sit through price swings instead of chasing them, helps explain this drop.