Institutional investors now account for 72% of spot crypto flow, concentrating liquidity in fewer assets and reducing Bitcoin volatility from 70% to 45%.
Macro & Markets ·
Institutional investors grew to represent 72% of Wintermute's spot OTC trading in the first half of 2026, nearly doubling from 59% one year prior. These investors concentrated activity into fewer assets while expanding derivatives use, with altcoin options notional volume tripling between late 2025 and mid-2026. Bitcoin's realized volatility fell to approximately 45% from near 70% in 2025, producing a markedly different bear market characterized by gradual declines rather than sharp price swings.