Wintermute H1 2025 Report: Institutional and retail investor Investment Strategy Divergence, Crypto Market Approaches Maturity

The crypto market has entered a mature phase, with institutions leading the investment structure According to the OTC Market Report for the first half of 2025 published by Wintermute, the structure of the global crypto market is undergoing significant changes. Institutional investors are steadily increasing their allocations in Bitcoin (BTC) and Ethereum (ETH), while retail investors are more involved in the rotation of altcoins and new narrative tokens.

Data shows that institutional investors allocate 67% of their assets to BTC and ETH, while retail investors have an allocation ratio of only 37%, with the remaining funds largely invested in high Beta altcoins. This difference in asset allocation indicates that investment strategies in the crypto market are becoming diversified.

OTC trading volume surged 2.4 times, with institutional trading activity leading Wintermute, as a global leader in encryption market making and OTC trading platforms, has an average daily trading volume of over $15 billion. The report indicates that the spot trading volume on its OTC platform has grown more than 2.4 times that of centralized exchanges, primarily driven by institutional and retail brokerages, while the trading volume of native encryption users has declined.

The report mentioned that as the number of institutional investors increases, they are more inclined to complete large trades using OTC methods to avoid the potential risks of holding tokens on centralized trading platforms.

Institutions focus on infrastructure narratives, while retail investors chase stablecoins and new hot spots The report further analyzes that retail investors tend to enter emerging narrative tracks such as stablecoins earlier, while institutions focus on investing in infrastructure-related encryption projects. This strategic divergence reflects the differences in risk preferences between the two parties and has become one of the early signals of the market's gradual maturity.

Options trading surged by 412%, with BTC and ETH dominating trading volume In the first half of 2025, the trading volume of crypto options on the Wintermute platform surged by 412% compared to the same period in 2024, with Bitcoin and Ethereum-related contracts accounting for 96% of the market share, indicating that institutions and professional investors are utilizing derivative tools for more complex risk hedging and strategy deployment.

The Trump administration promotes regulatory easing, encouraging institutional entry Since Trump was re-elected as president in 2024, the U.S. government's attitude towards the crypto market has shifted to a friendly stance. The SEC has terminated investigations and lawsuits against several crypto companies, clearing the way for mainstream institutional investors to enter the market. At the same time, the successful launch of Bitcoin and Ethereum spot ETFs has further increased the acceptance of digital assets by traditional financial capital.

BTC and ETH become the focus of divergence, the market pattern is gradually being reshaped Wintermute pointed out that this is the first time since the last bull market that a clear divergence has emerged between institutions and retail investors in asset allocation. Institutions are firmly betting on mainstream assets like Bitcoin and Ethereum, while retail investors continue to chase high-risk altcoins. This trend may further amplify in the second half of the year, driving the continued evolution of the market structure.