Institutional crypto spot trading is shifting toward over-the-counter (OTC) desks and hybrid execution models, with OTC volumes surging 109% year-over-year in 2025, according to Finery Markets. Meanwhile, spot trading on the top 20 centralized exchanges (CEXs) grew only 9%, while derivatives activity on CEXs expanded by 47.4%. This divergence highlights a structural shift in market dynamics, as institutional investors favor OTC and derivatives for larger trades, particularly in Bitcoin and Ethereum. The growth in OTC liquidity is concentrated in blue-chip assets, with limited participation in smaller altcoins. Broader data from The Block and CoinGecko shows decentralized exchange (DEX) perpetual futures volume rose 346% YoY, signaling a diversification of execution strategies. For traders, this trend underscores the importance of monitoring OTC and derivatives markets for liquidity and price discovery. Institutional activity remains robust in derivatives, particularly on platforms like Binance, but spot order books on CEXs have stagnated. Investors should watch for regulatory developments in OTC markets and the potential for further fragmentation in crypto trading infrastructure.
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