Wintermute OTC data shows institutions accounted for 72% of spot trading volume in H1 2026, up from 59% a year earlier. Altcoin options volume also rose about 3.4x versus H2 2025, while realized volatility fell to around 45% from roughly 70% in prior cycles.
Matters because: crypto price action is becoming more institutional and derivatives-driven, which may make the market less retail-led and more sensitive to OTC/options positioning.