Wintermute says 72% of spot OTC flow was institutional

Crypto’s next altseason may produce fewer winners as institutional investors direct more capital toward a limited group of tokens, according to Wintermute’s July 30 over-the-counter flow report. Summary 72% of Wintermute’s spot OTC flow came from institutions during the first half of 2026. Institutional token coverage rose 24%, while retail clients expanded their traded universe by 76% overall. Altcoin options notional rose roughly 3.4 times as institutions increasingly pursued yield strategies through derivatives. The market maker said institutional clients generated a record 72% of spot flow across all tokens on its OTC desk during the first half of 2026. Their share rose from 61% in the second half of 2025 and 59% in the first half of that year. 72% of the spot flow through our OTC desk now comes from institutions, the highest share on recordHedge funds, DATs, asset managers, family officesUp from 59% in 1H25 and 61% in 2H25At three quarters of volume, institutional flow defines market structure pic.twitter.com/CCerQIKdAg— Wintermute (@wintermute_t) July 30, 2026 The figures come from Wintermute’s proprietary activity and do not represent the entire crypto market. However, recen...