According to CoinMeta, in its over-the-counter (OTC) trading volume report for July 30, Wintermute stated that in the first half of 2026, institutional clients generated a record 72% of the spot trading volume on its OTC platform, up from 61% in the second half of 2025 and 59% in the first half of that year. The report indicates that institutional clients have become the largest source of spot activity on the Wintermute platform, while retail participation remains low. The company noted that the presence of institutions is sufficient to influence liquidity, token performance, and market direction. Wintermute also found that the number of unique tokens traded by institutional counterparties increased by only 24% from the first half of 2024 to the first half of 2026.