Stablecoins Capture 74.6% of Institutional OTC Trading Volume
Recent data from Finery Markets reveals a seismic shift in institutional crypto trading patterns. Stablecoins now account for 74.6% of institutional OTC trading volume in H1 2025, a dramatic increase from 46% in 2024 and just 23% in 2023. This surge is led by USDC, whose transaction volume grew 29-fold year-over-year following the EU's MiCA regulations.
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Key Institutional Trading Trends:
- 112.6% increase in overall OTC spot trading volume
- 154% growth in stablecoin transactions
- 277.4% surge in crypto/stablecoin pairs vs. 48.5% for fiat pairs
- Altcoins like Cardano and Solana maintain 16.7% market share
Solana Staking ETF Makes $33M Debut
The REX-OSPREY Solana Staking ETF (SSK) achieved $33 million in first-day trading volume, outperforming:
- Solana futures ETFs
- XRP futures ETFs
- Average ETF launch metrics
While impressive, this trails behind Bitcoin and Ethereum spot ETF activity levels.
PancakeSwap Shatters Records with $530B Q2 Volume
Decentralized exchange PancakeSwap reported:
- $530 billion Q2 2025 volume (150% quarterly growth)
- $325 billion June volume (5-year monthly high)
- 96.7% dominance on BNB Chain
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Technical Upgrades Driving Growth:
- Cross-chain swaps across BNB Chain, Ethereum, and Arbitrum
- PancakeSwap Infinity's gas optimizations
- Concentrated liquidity market makers (CLAMM/LBAMM)
- Solana V3 liquidity pool deployment
CEX vs. DEX: Diverging Trajectories
June 2025 trading data shows:
- CEX spot volumes fell to $1.07T (9-month low)
- DEX volumes continue rising steadily
- Bitcoin stability contrasts with 40% altcoin declines from peaks
Presto Research notes: "Current markets are institutionally-driven Bitcoin plays with muted retail altcoin participation."
ETH/BTC Futures Ratio Nears Parity
The ETH/BTC futures volume ratio has rebounded to 98%, signaling:
- Renewed confidence in Ethereum's Layer 2 ecosystem
- Growing DeFi activity
- Strategic focus from Ethereum Foundation
Emerging Stablecoin Contenders
Trump-affiliated WLFI project reports:
- USD1 daily volume hit $33.7B (surpassing USDC)
- SSK staking ETF maintains strong liquidity
- wcgUSD leads Pendle's trading volume charts
FAQ: Understanding 2025's Crypto Volume Shifts
Q: Why are stablecoins dominating institutional trading?
A: Regulatory clarity (MiCA), 24/7 settlement, and reduced counterparty risk make them ideal for large OTC transactions.
Q: What's driving DEX growth despite CEX declines?
A: Cross-chain capabilities, improved UX, and yield opportunities attract sophisticated traders while regulations pressure centralized platforms.
Q: How sustainable is Solana's ETF performance?
A: Early metrics suggest strong institutional interest in staking derivatives, but long-term viability depends on Solana network stability and adoption.
Q: Are altcoins becoming irrelevant?
A: While overshadowed by stablecoins and majors, projects with real utility (like ADA and SOL) maintain steady 16-17% market share.
Q: What's next for crypto trading volumes?
A: Expect continued institutionalization, with regulated stablecoins and ETFs capturing more traditional capital flows while DeFi innovates at the margins.