The cryptography market is divided in half.
Institutional and detail investors take increasingly different tracks, institutional players anchored in Bitcoin
And Etherum ether Ethn While retail investors pour into Altcoins and Evencoins, according to a mid-year report by the Crypto Wintermute trading company.
The analysis of trading volumes in over -the -counter cash, institutional trading volumes with the two largest chips stable 67%, probably supported by ETF entries and structured accumulation vehicles, according to the report. Meanwhile, retail investors have dropped their exposure to the BTC and ETH 46% to 37%, moving capital to more recent and more speculative tokens.
“This divergence is not a temporary thing; this is a sign that we are experiencing a more mature, sophisticated and specialized crypto market,” said Evgeny Gaevoy, CEO and founder of Wintermute.
“Investors no longer continue the same trend,” he added. “Institutions treat crypto as a macro asset, while retail traders continue to gravitate in innovation.”
Overall, traditional finance (Tradfi) Companies were the fastest cohort in over -the -counter negotiation volumes, increasing by 32% in annual sliding. This growth has been fueled by regulatory developments such as the American engineering law and the EU Mica MICA deployment, which has given more confidence to larger companies to participate, according to the report.
The retail brokers also experienced a solid activity, with a 21% increase in the volume over the same period. Meanwhile, cryptocurrency companies have been suppressed, down 5%.
The volume of over -the -counter options jumped 412% compared to the first half of 2024, while institutions adopted derivatives for the coverage and generation of elements, noted the report. In the meantime, difference contracts (CFDS) Doubled in the variety, offering access to less liquid tokens in a more economical capital.
Wintermute said that his own over -the -counter office has seen trading volumes in cash increase to more than double the pace of centralized exchanges, signaling a change to a more discreet and large volume exchange favored by traditional finance.
The company noted that the same activity had become more fragmented. While the overall retail trade in the same thing has decreased, the number of tokens exchanged by individual users has doubled, signaling an enlarged appetite for micro-capitan assets in the long tail of the market.
With that, names inherited like Dogecoin
And Shiba Inu has lost ground for a growing list of niche tokens such as Bonk, Dogwifhat Wif And popcat, noted the report.
As part of the second half of 2025, Wintermute analysts declared to keep an eye on the Spot Dogecoin ETF deposits with spot with a final regulatory decision expected by October.
“The result could have a significant impact on the retail market and establish a precedent for other alternative assets,” said the report.
