Wintermute’s OTC report for the first half of 2026 shows institutional investors accounted for 72% of its spot crypto flow, up from 59% a year earlier. This growing activity has led to liquidity concentration on a smaller number of tokens, with altcoin options volume growing 3.4 times between H2 2025 and H1 2026. Bitcoin’s realized volatility dropped from around 70% to approximately 45%, with bitcoin trading near $65,000, down roughly 49% from its October peak above $126,000. Major banks are building dedicated crypto infrastructure, with Morgan Stanley announcing crypto trading on its E*Trade platform and launching some of the cheapest ETH and SOL ETFs in the US market.
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