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Wintermute: Institutions increase their holdings in BTC and ETH, while retail investors turn to memecoins

ChainCatcher news, according to The Block, in the first half of 2025, institutional and retail investors significantly diverged in their investment strategies, with institutions increasing their investments in Bitcoin and Ethereum, while retail investors shifted towards memecoins and other altcoins. This change marks a significant shift in trading interest between institutions and retail, which had been largely synchronized in their investment behaviors over the past few years.According to a report by Wintermute, the allocation ratio of institutions in major cryptocurrencies reached 67%, while the allocation ratio for retail investors decreased by 9%, down to 37%. Institutions maintained their investments in major cryptocurrencies through ETF inflows and other new accumulation tools, while retail investors were more inclined to chase emerging high-risk opportunities. Wintermute CEO Evgeny Gaevoy stated that this divergence reflects the maturation and professionalization of the crypto market.On the technical side, institutions widely adopted derivatives as tools for hedging, yield generation, and capital-efficient exposure in the first half of 2025, with the trading volume of over-the-counter (OTC) options increasing by 412% compared to the first half of 2024. Looking ahead, Wintermute pointed out that the potential decision by the U.S. Securities and Exchange Commission regarding a spot Dogecoin ETF in October could impact retail demand.
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