Wintermute reports 240% surge in institutional crypto trading via OTC in 2024
Wintermute, a crypto trading firm, reported a 240% annual growth in activity from traditional finance firms on its over-the-counter (OTC) trading desk. Improved regulatory clarity and evolving policies, including the SEC's approval of spot Bitcoin ETFs and the election of a pro-crypto president, boosted institutional confidence. Retail brokers saw a 549% growth rate, reflecting increased institutional interest. Wintermute's OTC volumes grew 4.13 times year-over-year, with a single-day record of $2.24 billion in November 2024. While major cryptocurrencies experienced a 3% decline in trading volume, memecoins surged by 210%, capturing 16.2% of OTC volumes. Traditional finance institutions' entry into the OTC market has pressured crypto-native firms, leading to declining market shares and intensified competition.
