Institutions hit record 72% of Wintermute’s OTC trades

Institutional clientele contributed 72% of Wintermute’s spot over-the-counter (OTC) trading volume in the first six months of 2026, an all-time high for the firm. This is an indication that large transactions in the crypto world are gradually shifting away from public exchange order books.

Wintermute made its announcement of the figure on July 30, an increase from 59% during the first half of 2025 and 61% during the second half. The OTC volume has also surged faster than activity among centralized exchanges as big investors began seeking more subtle avenues for making massive crypto moves.

For hedge funds, asset managers, corporate treasuries, and other professional investors, the new trend signals that substantial liquidity has started to reside on private trading desks and in exchange-traded products rather than only on the order books utilized by most retail traders.

Wintermute sees record 72% institutional OTC share

According to the Wintermute report, the 72% figure is the largest institutional share recorded across all tokens on its OTC desk. Institutional clients of the company are made up of hedge funds, digital asset treasuries, asset managers, and family offices. The company trades more than $10 billion daily on more than 70 exchanges, allowing its client composition to provide insights about the activities of professionals in the industry.

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