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Crypto OTC Report: 2025 Results & Trends

Our annual report examines crypto OTC market performance across 2024–2025, a formative period for institutional crypto adoption.

Key 12M’25 highlights:

  • Crypto spot OTC markets posted 109% YoY growth in 2025, significantly exceeding the early-2025 industry forecasts of 10–60%.
  • Stablecoins now dominate institutional OTC flow. In 2025, they accounted for 78% of all OTC trades, up from 26% two years earlier.
  • ETH led asset-class performance at 152%, outpacing BTC's 86%, a reversal of the historical BTC-led pattern. However, BTC retained first place in total volumes. 
  • Institutional adoption is no longer dependent on CEX-driven growth alone. In 2025, Top-20 CEX spot OTC volumes rose 9% YoY, while the broader OTC market expanded 109%.

The analysis is based on over 15 million institutional spot crypto trades executed on the Finery Markets platform between January 1, 2024, and December 31, 2025.

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The Digest | 2025 In Review

The Digest | 2025 In Review

Crypto Banking Report 2024 Edition

Crypto Banking Report 2024 Edition

Finery Markets embeds DeFi and staking via Yield.xyz partnership

Finery Markets embeds DeFi and staking via Yield.xyz partnership

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