The Currency analytics
By Steven Anderson
Crypto trading patterns shifted hard. Over-the-counter spot trading exploded 109% year-over-year in 2025, according to Finery Markets data, while the top 20 centralized exchanges…
CoinGecko's numbers back up what traders already suspected - the big exchanges aren't dominating like they used to. The top-10 centralized platforms saw spot volume rise 7.
The numbers don't lie. Institutional money hasn't vanished from centralized platforms.
Instead, the market's breaking apart into different pieces. Multiple channels are emerging - OTC desks, derivatives platforms, and hybrid execution models that didn't exist a few…
That suggests OTC's explosive growth came mostly from large-cap block trades, not some broad expansion across every cryptocurrency out there.
CoinGecko reported something pretty wild. Decentralized exchange perpetual volume surged 346% to reach $6.7 trillion.
The DEX-to-CEX perpetual ratio now sits at 7.8%, which shows institutions are definitely exploring on-chain venues alongside OTC networks.
Finery Markets' report spelled out how institutional players use OTC platforms to execute large trades without moving markets or revealing their positions.
CoinGecko highlighted growing interest in DeFi protocols among institutional traders. On February 15, 2025, major financial institutions started integrating DeFi into their…
Binance reported in January 2025 that its institutional trading volume had surged, particularly in futures contracts.
Some industry insiders expressed caution about the rapid pace of change.
Alex Mashinsky from Celsius Network noted in a December 2025 interview that while diversification benefits traders, it also brings new challenges in managing counterparty risks…
Coinbase reported a notable shift in its trading volumes in a January 2025 financial update.
The Chicago Mercantile Exchange disclosed plans in December 2025 to expand its crypto derivatives offerings following increased demand from institutional clients.
Fidelity Digital Assets announced plans on February 25, 2025, to expand its crypto custody services to include a broader range of altcoins.