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Crypto Spot OTC Rises 109% YoY as CEX Spot Growth Remains Muted: Finery Markets
Institutional crypto spot trading is increasingly distributed across OTC desks, derivatives venues, and hybrid execution models, while growth in centralized exchange order books remains relatively subdued. Institutional crypto spot over-the-counter (OTC) trading rose 109% year-over-year in 2025, according to a report by Finery Markets. Over the same period, the report estimates that spot volumes on the top 20 centralized exchanges (CEXs) grew by around 9%. Independent data broadly supports slower growth in CEX spot markets, though figures vary. CoinGecko’s 2025 annual data shows that top-10 CEX spot volume ... (full story)