Crypto’s predictable path from central books to OTC discretion

The maturation of any asset class follows a remarkably consistent pattern. From equities to fixed income and foreign exchange, markets typically begin with centralised, transparent order books that facilitate price discovery. But as institutional participation deepens, a parallel universe emerges: the over-the-counter market. This isn’t unique to traditional finance – it’s the inevitable trajectory for institutional crypto and the data is now confirming it.

As operators who spent decades