Wintermute OTC: 2024 in review & 2025 outlook
A deep dive into Wintermute OTC’s record-breaking 2024, where institutional demand drove volumes to new highs. Explore key trends, shifting market dynamics, and our bold predictions for 2025.
17 Jan 2025
Reports
Wintermute
At a glance
Crypto’s market structure transformed in 2024, fueled by institutional-grade products, deeper market liquidity, and increased regulatory clarity. The SEC’s approval of spot Bitcoin and Ethereum ETFs, alongside growing bipartisan support for crypto frameworks, removed key barriers for traditional finance players, driving unprecedented institutional engagement and capital inflows.
Institutional shifts in 2024
This institutional shift was reflected in Wintermute’s OTC desk activity, which experienced similar momentum. We took a closer look at the trends shaping the market in 2024 to identify patterns likely to extend into 2025. Here’s a snapshot of some key highlights:
- Wintermute’s OTC volumes grew by 313%, outpacing the 142% increase in overall crypto exchange volumes
- 300+ new unique pairs were traded for the first time
- Average trade size rose 17%, reflecting a shift toward larger institutional block trades
- Traditional financial institutions’ OTC volumes grew 240%
- Derivatives volumes grew over 300% with CFDs capturing 4.3% of Wintermute’s total OTC volume within just nine months
These shifts reflect a broader trend of deepening institutional participation and a maturing market structure. More institutions are turning to OTC trading to reduce market impact and avoid capital inefficiencies tied to holding assets on exchanges. Their growing participation is also reshaping counterparty dynamics and increasing competition, making OTC markets an increasingly important venue for institutional crypto trading.
Institutional adoption is expected to accelerate in 2025, reinforcing the need for scalable liquidity solutions, evolved derivatives markets, and efficient trade execution. Macro trends and regulatory clarity will shape execution strategies and drive further convergence between crypto and traditional financial markets.
Read Wintermute OTC 2024 in review or more insights into the trends. We also made some bold predictions for 2025 that you won’t want to miss.
Read the Report
Disclaimer: The article above and attached report does not constitute a financial promotion or an invitation to engage in investment activity. This contains general information and is not a recommendation to act. The information contained within this document is being directed at sophisticated professional investors and is not intended for retail customer use. All references to and discussions of derivative products are made solely by or on behalf of Wintermute Asia Pte Ltd (“Wintermute Asia”).
Information contained herein was obtained from sources believed to be reliable, but is not guaranteed. Any opinions or estimates expressed herein reflect a judgment made by Wintermute as of the date of publication, and are subject to change without notice. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of Wintermute.
