Wintermute data shows institutional investors now dominate crypto OTC trading, concentrating liquidity in fewer tokens and reducing altcoin rally breadth.
Institutional investors accounted for 72% of spot over-the-counter crypto trading volume in the first half of 2026, a record high, according to market maker data. This share rose from 61% in the second half of 2025 and 59% in the first half of 2025, signaling growing dominance in digital asset markets.
The data reveals institutions are focusing on a narrower set of tokens, with unique assets traded by these counterparties growing just 24% over two years. Retail clients, by contrast, expanded their token activity by 76% in the same period. Institutional activity also fades faster after price surges, typically declining within one day compared to three days for retail.
Liquidity is concentrating in institutionally favored assets, while the broader altcoin market’s long tail sees weakening activity. The trend suggests future altcoin rallies may be more selective, with fewer tokens benefiting from capital inflows.