Institutions Dominate Crypto Markets with Record 72% of OTC Flow

Institutional investors have become the dominant force in crypto markets, accounting for a record 72% of spot trading volume on Wintermute's over-the-counter desk in the first half of 2026.

This is up from 59% in the same period last year and marks a significant shift towards institutional participation in crypto markets.

The increase in institutional flow is linked to a prolonged bear market that pushed retail traders towards equities, resulting in their absence from the market. This gave institutional investors more weight in shaping prices.

Institutional investors, including hedge funds, digital asset treasuries, asset managers, and family offices, drove this 72% share of spot trading volume.