Institutions are increasingly participating in large crypto trades, which are moving off-exchange venues, according to Binance. The company said its OTC desk is capturing a growing share of activity as block trades and structured trades gain traction. CEO Richard Teng stated on March 28 that, two months into 2026, Binance had already captured roughly 25% of last year’s total OTC volume, underscoring robust demand for liquidity and execution. He cited the March 20 release of the Binance OTC and Execution Services Insights and connected the surge to ongoing institutional participation.
During the same period, inflows via fiat currencies and stablecoins accelerated. An example: a $105 million WBETH-ETH cross-trade was completed in about two hours, illustrating how the OTC desk can execute sizable transactions with limited public order-book exposure and minimized slippage. This pattern reflects preference for bespoke settlement structures and reduced signaling by large participants. The OTC desk facilitates complex currency conversions, asset reallocation, and time-sensitive deals outside public venues.
Participants building positions through private channels highlight a focus on precision, depth of liquidity, and discretion. Reports on Bitcoin’s price action linked to a February-era interaction around $60,000, suggesting questions about a cycle bottom. Institutional analysis tied client behavior to the $60,000 level, noting a potential bottom formed after a prolonged period of range-bound activity. The report concluded that the $60,000 level may not be the absolute floor, but the bottom is unlikely to lie far below it.
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