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Institutional spot trading share hits record 72% on Wintermute OTC desk

Wintermute said institutional realized volatility has dropped to about 45% in the current cycle from roughly 70% in earlier ones.

Reported · Written up by our desk · Market Structure

CoinDesk reports that Wintermute found institutions accounted for a record 72% of spot trading volume on its OTC desk in the first half of 2026.

The report said that share rose from about 61% in the second half of 2025, reflecting professional capital that reduces volatility and concentrates liquidity in a smaller set of cryptocurrencies rather than spreading activity across many tokens.

CoinDesk also cited Wintermute analysis showing realized volatility has fallen from roughly 70% in earlier market cycles to around 45% in the current one, as institutions typically operate under defined mandates and risk limits and hold positions longer than retail traders.

Wintermute said demand for crypto derivatives and tokenized real-world assets continued to grow, and it estimated notional trading volume in altcoin options on its OTC desk increased about 3.4 times from the second half of 2025 to the first half of 2026, with investors seeking yield over outright price exposure.

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