Institutions Hit Record 72% of Wintermute's OTC Spot Flow as Retail Sits Out the Bear

Market maker Wintermute reported that institutions accounted for a record 72% of spot volume on its OTC desk in the first half of 2026, up from about 61% in late 2025, crediting institutional mandates for Bitcoin's realized volatility falling to roughly 45% from ~70% in prior cycles. The report described retail as "largely absent" during the bear market, institutional flow as concentrated in fewer tokens, and tokenized assets up nearly 50% to $31 billion — institutions favoring Treasuries and credit, retail tokenized equities.