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$13b flowed into crypto through institutional rails beyond ETF headlines

March 20, 2026 | Finery Markets

The scale of this hidden layer has grown dramatically. Institutional crypto spot OTC trading rose 109% year-over-year in 2025, according to data from Finery Markets, as large players increasingly favored the price certainty, reduced market impact, and counterparty discretion that OTC desks offer over exchange-based trading.

BlackRock’s $140 million deposit into Coinbase Prime earlier today is one visible example of this dynamic — a transaction that occurred entirely off-exchange and would not appear in any ETF flow report.

See more: crypto.news