The OTC Trading market for Crypto Assets is entering a new stage of development. In 2024, the approval of Bitcoin and Ethereum ETFs became an important milestone for the industry. At the same time, regions such as the EU and Dubai have introduced regulatory frameworks such as MiCA and VARA, paving the way for the legal large-scale operation of OTC platforms. These changes have led to a surge in demand for crypto assets from institutional investors.

With the changing policy environment for Crypto Assets, the prices of Bitcoin and Ethereum reached new highs in early 2025, triggering a wave of institutional asset allocation. This trend directly drove the explosive growth of trading volume on OTC Trading platforms.

The uniqueness of OTC Trading lies in its model of directly matching buyers and sellers. This trading method avoids slippage and bidding processes, completing transactions through escrow wallets or institutional accounts. Since orders do not appear in the public limit order book, the intentions of traders remain confidential, making OTC a "dark pool" in the Crypto Assets market.

Although OTC institutions usually do not disclose specific trading details of users, thanks to the transparency of blockchain, we can still glimpse some trading traces from on-chain data. In July 2025, a large-scale Bitcoin OTC trading attracted attention in the industry: approximately 80,000 BTC changed hands for $9 billion, while the public market showed almost no fluctuations. The driving force behind this transaction was the crypto OTC institution Galaxy Digital, which is favored by Wall Street, and this successful case also enhanced its second quarter financial report.

With the increasingly clear regulatory environment and the rising level of institutional participation, the crypto assets OTC market is undergoing a transformation period. This not only reflects the enhanced status of crypto assets in the traditional financial system but also indicates that there may be more large-scale and efficient OTC trading in the future.