Wintermute Sees Surge in OTC Crypto Trading Amid Exchange Liquidity Woes
• OTC crypto trading volumes on Wintermute up 400% in 2023 • OTC volumes shifted from exchanges to Wintermute due to liquidity issues on exchanges • Wintermute's weekly OTC volume hit $2 billion in 2nd half of 2023 • Liquidity remained a persistent issue for crypto exchanges in 2023 • Binance saw 25% drop in order book liquidity in November 2023 amid settlements with US authorities