Institutions Dominate Crypto Markets as Tokenization Surges

Institutional investors are increasingly dominating crypto market structure, according to a recent report from Wintermute Research. Institutional investment in spot over-the-counter (OTC) trading has reached a record high of 72% during the first half of 2026, compared to 61% in the second half of 2025.

This trend is driven by a relatively small group of cryptocurrencies, including Bitcoin and Ethereum. While retail participation may be down, institutional influence has become a structural feature of digital asset markets. The report notes that 'the asset class is maturing, whatever recent price action suggests.'

Wintermute also highlighted the growth in tokenized real-world assets, with a 50% increase to $31 billion in value during the first six months of 2026. Institutional adoption remains focused on tokenized U.S. Treasuries, money market funds, and private credit.