The cryptocurrency market maker Wintermute revealed interesting growth numbers in over-the-counter (OTC) trading volumes during 2024, signaling an important shift in institutional cryptocurrency adoption that’s expected to accelerate through 2025.
The firm’s latest analysis shows its OTC trading volumes surged 313% year-over-year, significantly outpacing the broader crypto exchange market’s 142% growth. A notable milestone was reached in November 2024, when single-day OTC spot volume hit an all-time high of $2.24 billion, surpassing the previous year’s weekly high of $2 billion.
Evgeny Gaevoy, CEO and Co-Founder, Wintermute
“There will be a continued increase in institutional interest in digital assets, especially amongst traditional hedge funds, brokers, asset managers, corporates, and other custodians of institutional capital, with many looking for tailored products to manage risk, generate yield, and execute advanced strategies,” Wintermute commented.
The data reveals a significant transformation in trading patterns, with a 250% increase in total spot trades and a 64% rise in unique spot asset pairs traded. Perhaps most striking was the 210% surge in memecoin trading volumes, reflecting a notable shift in institutional investment strategies.
Last month, Wintermute strengthened its position in the tokenized securities market by introducing 24/7 OTC trading support for BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
Looking ahead to 2025, Wintermute forecasts several groundbreaking developments, including the potential launch of a memecoin ETF and the entry of a major bank into spot cryptocurrency trading and decentralized finance (DeFi). The firm also predicts that a listed corporation will issue debt or shares to acquire Ethereum, following MicroStrategy’s Bitcoin strategy.
“Likely to see a wave of innovation, including the introduction of multi-asset crypto ETFs, that cater to growing demand from retail and institutional investors for diversified exposure,” the company added.
The report suggests that 2025 could mark a watershed moment for cryptocurrency adoption, with predictions of governments, including the United States, beginning consultations on strategic Bitcoin reserves. This development could trigger similar initiatives from China, UAE, and European nations.
1ms price feeds on 80+ chains ⚡
Partnering with @PythNetwork’s Pyth Lazer to eliminate the primary barrier for institutional high-frequency trading onchain
Time for institutional DeFi to level up https://t.co/Qy3hrnRNOo
— Wintermute (@wintermute_t) January 15, 2025
Recent Updates
In November, Wintermute completed its first Request for Quote (RFQ) trade on Finery Markets’ institutional crypto trading platform. This partnership established a hybrid trading model, blending traditional order book functionality with RFQ capabilities tailored for institutional clients.
As reported by Finance Magnates in July, Wintermute expanded its presence in traditional finance (TradFi) by integrating crypto liquidity into oneZero’s EcoSystem. This move enables banks and institutions to access over 350 crypto trading pairs along with advanced trading features.
