This edition of Finery Markets' OTC Review examines crypto spot trading dynamics between OTC markets and centralized exchanges, studying an unfolding shift in trading activity toward institutional off-exchange execution.
Key data for 9M’25:
Growth in the crypto OTC market notably outpaced centralized exchanges. While the top 20 exchanges reported a 22% YoY increase, crypto spot OTC markets surged by 138% YoY.
BTC remained the dominant institutional OTC asset, accounting for 48% of total crypto trading volume.
Total OTC transactions: +94% YoY
ETH recorded the strongest volume expansion at +222% YoY, followed by aggregated stablecoin volume at +136% YoY, and BTC at +124% YoY.
SOL increased its share of OTC crypto volume to 8%, up from 2% in 2024, while XRP rose to 5%, up from 1%.
The report benchmarks OTC trading dynamics against the top 20 crypto exchanges, highlighting volume growth, evolving liquidity preferences, and the expanding role of stablecoins in institutional workflows.
For this review, Finery Markets analyzed over 7.1 million institutional spot crypto trades executed on its technology platform during the first nine months of 2025.
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