sFOX says execution through crypto dark pools rose from negligible volume in April to 15% of monthly volume by June. Separately, the firm’s July 30 report puts OTC-desk routing at 77.7% of institutional volume moving through the platform, versus 18.4% landing on public exchanges. May’s dark-pool volume alone came to $147 million.

Diana Pires of sFOX told CryptoSlate that the change is structural, comparing it with the repositioning that equities and foreign exchange markets went through years ago.