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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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