2023 was challenging for the industry, given the post-FTX landscape and ongoing regulatory struggles faced by numerous centralised exchanges. As a result, a considerable number of traders and institutions turned to the OTC market in search of a more stable and secure market structure.

This report offers vital insights into the structure of the digital asset OTC markets. Due to the private nature of most OTC trades, it can be difficult to procure data on crypto OTC trading, often resulting in limited available data. The report features data collected from interviews with key liquidity providers, offering perspectives on the OTC market’s performance and trends in a challenging environment.