Annual Report Highlights Key Trends in Institutional Digital Asset Adoption
Finery Markets, a prominent ICT solutions provider catering to institutional digital asset trading, has released its annual report detailing trends in the institutional crypto OTC market for 2025. The report offers an in-depth examination of market performance during the 2024–2025 period, a critical phase for the increasing adoption of cryptocurrencies by institutional investors. The analysis is underpinned by data from over 15 million institutional spot crypto trades executed via the Finery Markets liquidity network, spanning from January 1, 2024, to December 31, 2025.
Key Performance Indicators from 2024-2025:
- •Total crypto spot OTC volume experienced a year-over-year increase of 109%.
- •Stablecoins constituted 78% of all OTC trades, a substantial rise from 26% in 2023, with a volume growth of 119%.
- •Ethereum (ETH) saw a year-over-year increase of 152%, surpassing Bitcoin's (BTC) 86% growth.
Crypto OTC Markets Exceed Expectations
The crypto spot OTC markets demonstrated robust growth in 2025, recording a 109% year-over-year increase. This performance surpassed initial industry expectations, which had projected growth rates between 10-60% at the beginning of the year. This expansion was largely driven by technological advancements that led to reduced costs, improved working capital efficiency, and enhanced institutional accessibility through the implementation of TradFi-style infrastructure.
Shift in Market Structure
In contrast to the moderate 9% growth observed in top-20 CEX volumes, as reported by The Block, and despite periods of high-amplitude volatility, OTC markets exhibited consistent compound growth throughout 2024-2025. This structural shift is indicative of market maturation, suggesting that institutional adoption is no longer solely reliant on CEX-driven expansion. Institutions are increasingly directing high-value trading flows towards off-exchange execution to benefit from greater operational flexibility and capital efficiency in large-block trading scenarios.
Institutional Portfolio Composition Trends
Ethereum led in asset class performance with a 152% increase, outperforming Bitcoin's 86% growth. This reversal of traditional dominance patterns may be attributed to the broader institutional embrace of Ethereum's layer-2 infrastructure for tokenization and on-chain activities, as well as the institutional inflows into Spot ETFs observed in late 2025. Despite this, Bitcoin maintained its leading position in terms of total trading volumes.
Stablecoins Ascend to Leadership
In 2025, stablecoins accounted for a significant 78% of all OTC transactions processed through Finery Markets' liquidity network, marking a substantial increase from 26% in 2023. This threefold rise within a 24-month period highlights the platform's crucial role in providing the resilient connectivity necessary for institutional-grade stablecoin adoption.
About Finery Markets
Finery Markets operates as an information and communications technology (ICT) company dedicated to developing digital asset trading infrastructure for institutional participants. The firm offers a non-custodial electronic communication network (ECN) and trading SaaS solutions tailored for brokers, payment providers, hedge funds, and other financial institutions. In recognition of its contributions to the fintech sector, Finery Markets was named among the Top 300 Fintech Companies by CNBC and Statista in 2025.
Media Contact Information
For media inquiries, please contact:
Alexander Vlasov
Finery Markets
Email: av@finerymarkets.com