Institutions Now Drive 72% of Crypto’s OTC Flow, Wintermute Data Shows

Institutional investors accounted for a record 72% of spot trading volume on Wintermute's over-the-counter desk in the first half of 2026, up from 59% a year earlier. The shift marks the clearest sign yet that Wall Street, not retail traders, now sets the pace of crypto markets.

Wintermute's OTC flow report ties the change to a prolonged bear market that pushed retail traders toward equities instead. That absence gave institutional flow more weight in shaping prices.

Wall Street's Growing Crypto Footprint

Hedge funds, digital asset treasuries (DATs), asset managers, and family offices drove that 72% share. Wintermute called it the highest level on record.

The figure compares with 61% in the second half of 2025 and 59% in the first half of that year.

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