Institutions Dominate 72% of Wintermute's OTC Trades

Institutional trading on OTC desks has reached a new milestone, according to Wintermute's report. The firm recorded an all-time high of 72% institutional share in its spot over-the-counter (OTC) trades for the first six months of 2026.

This represents a significant increase from 59% during the first half of 2025 and 61% during the second half. Wintermute attributes this growth to large transactions shifting away from public exchange order books, with institutions seeking more subtle avenues for making massive crypto moves.

The company's clients include hedge funds, digital asset treasuries, asset managers, and family offices, which collectively trade over $10 billion daily on more than 70 exchanges. This provides valuable insights into the activities of professionals in the industry.