What changed
Wintermute reported that institutions generated 72% of its spot OTC volume in the first half of 2026, while large positions are also moving onto decentralized venues, including the $67 million ETH short tracked on Hyperliquid Not every institution wants an ETF, and not every institution wants to hold coins DR Marex has launched a cash-settled OTC rolling spot crypto product for institutional clients
Why it matters
Regulatory risk around ETH can change volatility, liquidity, or sentiment. The concrete detail to watch is wintermute reported that institutions generated 72% of its spot OTC volume in the first half of 2026, while large positions are also moving onto decentralized venues, including the $67 million ETH short tracked on Hyperliquid
Trading lens
Use this as watchful context from newsbtc.com. Watch whether not every institution wants an ETF, and not every institution wants to hold coins confirms momentum, invalidates active bias, or changes timing.