Institutional crypto OTC volumes surged 109% in 2025, exceeding industry expectations
It examines market performance across 2024–2025, a formative period for institutional crypto adoption. The analysis is based on over 15 mln institutional spot crypto trades executed through the Finery Markets liquidity network between January 1, 2024, and December 31, 2025.
Key insights:
Total crypto spot OTC volume: +109% YoY
Stablecoins: 78% of all OTC trades (up from 26% in 2023); +119% volume growth
ETH: +152% YoY, outpacing BTC's +86%
Crypto OTC markets performed stronger than expected
Crypto spot OTC markets posted 109% YoY growth in 2025, exceeding industry expectations of 10-60% made at the start of the year. This expansion was propelled by technological advancements that reduced costs, freed up working capital, and improved institutional accessibility through TradFi-style infrastructure.
Market Structure Shift
While top-20 CEX volumes showed moderate growth of 9% (source: The Block) and activity experienced high-amplitude volatility, OTC markets demonstrated consistent compound growth throughout 2024-2025. This structural shift signals market maturation: institutional adoption is no longer dependent on CEX-driven growth alone.
Institutions are migrating high-value flow toward off-exchange execution for operational flexibility and capital efficiency in large-block trading.
Institutional Portfolio Composition
ETH led asset class performance at 152%, outpacing BTC's 86%, a reversal of traditional dominance patterns. This may reflect broader institutional adoption of Ethereum's layer-2 infrastructure for tokenization and on-chain activity and late-2025 Spot ETF institutional inflows. However, BTC retained first place in total volumes.
Stablecoins leadership
In 2025, stablecoins accounted for 78% of all OTC transactions processed through our liquidity network—a massive leap from 26% in 2023.
This threefold increase in just 24 months underscores our role in providing the resilient connectivity required for institutional-grade stablecoin adoption.
The full report is available at https://finerymarkets.com/blog/crypto-otc-report-2025-results-trends
Alex Vlasov
Finery Markets
+358 4573460824
email us here
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