Institutions Dominate Digital Asset Markets as Retail Participation Wanes
Institutional investors are increasingly taking control of digital asset markets, according to a report from Wintermute Research.
The report highlights that institutional investors now account for a record 72% of spot over-the-counter (OTC) trading flow during the first half of 2026, compared to 61% in the second half of 2025.
This concentration of power among a small group of cryptocurrencies is becoming a structural feature of digital asset markets, as retail participation wanes in bear market conditions. The report notes that 'the structure underneath is easier to see' during this time, with the asset class maturing despite recent price action.
The data also shows that tokenized real-world assets continue to grow, with a nearly 50% increase in value over the first six months of 2026, reaching $31 billion. Institutional adoption remains focused on tokenized U.S. Treasuries, money market funds and private credit, while retail investors dominate activity in tokenized equities.