The digital asset market is undergoing a new stage of maturation that is beginning to change the way private banks and high-net-worth investors evaluate its potential as an asset class. Far from the extreme fragmentation that characterized previous cycles, liquidity is now concentrating in a small group of crypto assets, giving rise to an “upper tier” that is beginning to show characteristics of a more stable and accessible market for professional investors.
This is according to the OTC Markets 2025 report, prepared by Wintermute, one of the leading market makers in the crypto ecosystem, which analyzes the evolution of OTC activity and institutional flows.
The study highlights that a growing share of traded volume is concentrated in large-cap digital assets, while the relative weight of smaller, less liquid tokens is declining.
For private banking, this consolidation process is crucial. Greater liquidity concentration improves execution conditions, reduces price impact, and brings greater predictability, key elements for including digital assets in portfolios managed under stricter risk criteria.
In this context, the report suggests that the crypto market is beginning to show a clearer distinction between potentially investable assets and a more speculative universe.
The study emphasizes the growing role of OTC trading as the preferred channel for institutional investors and high-net-worth individuals. Unlike traditional exchanges, the OTC market allows for large-size orders to be handled with lower friction and greater discretion, features especially valued by private banks and family offices.
According to Wintermute, the profile of participants in this segment has become more professional, with increasing demand for solutions tailored to institutional standards.
Another key point is that this consolidation does not imply a homogeneous expansion of the crypto market as a whole, but rather a more pronounced hierarchy. In practice, this forces wealth managers to adopt a more selective approach—focusing on assets with sufficient market depth, robust infrastructure, and greater acceptance among institutional investors.
In this scenario, the inclusion of crypto assets in private banking portfolios is no longer merely opportunistic but is becoming part of a broader conversation about diversification, correlations, and strategic allocation. The report suggests that the shift toward a more mature market structure could lay the groundwork for gradual adoption, always contingent on clear regulatory frameworks and proper risk management.
