This does not mean institutions make up 72% of global Bitcoin spot trading. It means institutional clients represented 72% of spot volume on Wintermute’s OTC platform during the period. TL;DRWintermute says institutional clients drove 72% of its spot OTC volume in H1 2026. Crypto trading is still global and fragmented, but professional capital is taking up more room in the OTC market. This article is based on Wintermute’s H1 2026 digital asset OTC flow report.