Institutions are concentrating liquidity into fewer tokens instead of spreading capital across the wider market.

This week, Wintermute said institutional investors made up 72% of its spot OTC crypto flow in the first half of 2026, versus 59% a year ago.

Professional investors are changing crypto markets by concentrating on fewer assets, utilizing derivatives, and muting the extreme price swings once associated with retail trading, the firm says.

Institutions Are Reshaping Crypto Trading Patterns

Wintermute’s 1H26 OTC report found that institutional counterparties, including hedge funds, digital asset treasuries, asset managers, and family offices, accounted for 72% of…