Retail participation will return during the next crypto bull market yet institutional influence has become a structural feature of digital asset markets, according to a Wintermute Research report.

Institutional Investment At Record 72% Levels

In a report published on July 30, Wintermute analysts highlighted that Institutional investors are increasingly dictating crypto market structure.

They account for a record 72% of spot over the counter (OTC) trading flow during the first half of 2026, compared to 61% in the second half of 2025.

The reported noted that institutional activity is becoming concentrated in a relatively small group of cryptocurrencies.

"As crypto works through a bear market, with retail largely absent and preoccupied with equities, the structure underneath is easier to see," Wintermute wrote. "The asset class is maturing, whatever recent price action suggests."

Over the past month, Bitcoin (CRYPTO: BTC) gained 11% but failed to reclaim the key $70,000 level.

In contrast, Ethereum (CRYPTO: ETH) outperformed with a 22% rally, signaling stronger momentum.

Tokenization Continues To Expand

Wintermute also highlighted continued growth in tokenized real-world assets.

During the first six months of 2026, the value of tokenized assets increased nearly 50% to $31 billion.

Institutional adoption remains focused on tokenized U.S. Treasuries, money market funds and private credit, while retail investors continue to dominate activity in tokenized equities.

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