Institutions Dominate Crypto Trading as Institutional Flow Hits Record High

Institutional investors are increasingly driving the flow of cryptocurrency spot trading, accounting for 72% of Wintermute's OTC crypto flow in the first half of 2026.

This is up from 59% a year ago, according to the firm's latest report.

The rise of institutional participation has led to a shift towards concentrating liquidity into fewer tokens, rather than spreading it across the wider market.

Institutions are also moving more exposure into derivatives, with altcoin options notional volume growing 3.4 times between the second half of 2025 and the first half of 2026.