Wintermute OTC Market Review 1H25
A detailed, biannual look into digital asset markets through analysis of Wintermute’s proprietary OTC trading data. The 1H25 edition explores surging derivatives volumes, clear divergence between institutional and retail trading behaviors, increased institutional demand for OTC execution and much more.
14 Jul 2025
Reports
Wintermute
In the first half of 2025, crypto markets experienced significant OTC derivatives growth driven by institutional options trading, increased crypto adoption by traditional financial institutions, and clear consolidation around core crypto sectors. Retail investors diversified into more altcoins despite lower overall memecoin activity, while seasonal trading patterns drove strong early-year volumes that normalized by the second quarter.
Crypto markets reached a turning point in early 2025, with Wintermute’s data showing institutional and retail investors diverging in their strategies for the first time since the last bull market. Institutions sought stable, liquid exposure guided by strict mandates, while retail investors aggressively pursued innovation across a wider range of altcoins and speculative opportunities. After years of moving in sync, this divergence provides the clearest indication yet of a maturing market defined by distinct investor objectives, tools, and risk profiles.
Below is a snapshot of key trends from Wintermute’s proprietary OTC flows, highlighting patterns likely to influence market behavior through the remainder of the year:
Wintermute’s own OTC trading volume grew 2.4 times faster than the broader exchange market, clearly underscoring the institutional shift towards specialized OTC solutions offering deeper liquidity and discrete execution.
Disclaimer: Spot trading is offered by Wintermute Trading Ltd and derivatives referencing cryptoassets is offered by Wintermute Asia Pte Ltd (hereafter referred to as “Wintermute Entity” or collectively as “Wintermute”). Each Wintermute Entity trades for its own account and with assets (including digital assets) that belong to it.
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