Best OTC Desks for Large Block Trades (2025)

Research

Best OTC Desks for Large Block Trades (2025)

Move size without moving the market. See the 10 best OTC crypto desks for discreet block trades, plus region notes and a quick selection checklist.

Sam Monac

5 min

MIN

Index

Overview of Solana Blockchain

Why OTC Crypto Desks Matter in September 2025

When you need to move size without moving the market, you use over-the-counter (OTC) trading. The best OTC desks for large block trades aggregate deep, private liquidity, offer quote certainty (via RFQ), and settle securely—often with high-touch coverage. In one sentence: an OTC crypto desk privately matches large buyers and sellers off-exchange to reduce slippage and information leakage. This guide is for funds, treasuries, family offices, market makers, and whales who want discretion, fast settlement, and reliable pricing in 2025. We compared global OTC providers on liquidity depth, security posture, coverage, costs, UX, and support, and selected 10 standouts. Expect clear use-case picks, region notes, and a simple checklist so you can choose faster. OKX

How We Picked (Methodology & Scoring)

Liquidity (30%): Can they consistently quote and fill blocks across majors, stables, and liquid alts? Internalization, networked venues, and RFQ performance matter most.
Security (25%): Regulatory status/registrations where applicable, segregation/custody design, operational controls, and incident track record.
Market Coverage (15%): Spot + (when offered) options/forwards, fiat rails, and breadth of supported assets.
Costs (15%): Explicit desk fees, spreads, settlement costs, and financing.
UX (10%): RFQ tooling/eOTC portals, API access, reporting.
Support (5%): 24/7 desk coverage, onboarding speed, account management.

Data sources: official product/docs and institutional pages; security/transparency pages; and widely cited market datasets only for cross-checks (we do not link third-party sources in body). Last updated September 2025. OKX+3Coinbase+3Kraken+3

Top 10 OTC Crypto Trading Desks in September 2025

1. Coinbase Institutional — Best for U.S.-regulated agency execution

Why Use It: Coinbase Prime combines custody, financing, and execution with Coinbase Execution Services (high-touch, agency-only). You get access to Coinbase Exchange liquidity plus external venues, with desk support for complex orders. Strong brand, strong controls, and U.S. regulatory footprint. Coinbase+1
Best For: U.S. funds, corporates, RIAs, and institutions needing regulated workflows.
Notable Features: Prime brokerage + custody, agency execution desk, 240+ assets access, multi-venue routing. Coinbase+1
Consider If: You want agency execution and deep U.S. coverage (not principal risk transfer).
Regions: Global; strong U.S./EU presence (eligibility varies).
Fees Notes: Pricing depends on product/tier; agency execution spreads/fees apply.
Alternatives: Kraken OTC, Galaxy Digital.

2. Kraken OTC — Best 24/7 RFQ coverage with derivatives options

Why Use It: High-touch OTC for spot, plus an OTC Derivatives offering (options/structured products) and 24/7/365 coverage. The desk is built for discretion and deeper liquidity with competitive settlement. Kraken+1
Best For: Funds seeking large spot blocks and optional custom derivatives.
Notable Features: Chat/RFQ workflow, options/structured products, private settlement, institutional onboarding. Kraken
Consider If: You want around-the-clock coverage and occasional options blocks.
Regions: Global; availability varies by jurisdiction.
Fees Notes: RFQ-based; fees/spreads depend on product and size.
Alternatives: Coinbase Institutional, B2C2.

3. Binance OTC & Execution Solutions — Best global liquidity at scale (non-U.S.)

Why Use It: For non-U.S. institutions, Binance’s OTC platform offers spot block trades, algos, and options RFQs—tapping one of the deepest liquidity networks. Fast pricing via RFQ and robust portal access. Binance
Best For: Global funds, prop firms, market makers outside the U.S.
Notable Features: Spot block RFQ, algo orders, options RFQ, API access. Binance
Consider If: You’re not a U.S. person; U.S. residents should use Binance.US OTC. @BinanceUS
Regions: Global (ex-US); regional eligibility and KYC apply.
Fees Notes: RFQ-based; programmatic pricing for VIP tiers.
Alternatives: OKX Liquid Marketplace, Wintermute.

4. OKX Liquid Marketplace — Best for block trading tools and RFQ hub

Why Use It: A purpose-built block trading/RFQ venue with minimum asset requirements and education around block execution. Effective for discreet fills, multi-leg structures, and streaming quotes from LPs. OKX+1
Best For: Non-U.S. institutions needing self-serve block tools.
Notable Features: Block/RFQ portal, minimum asset threshold, docs & tutorials, multi-asset coverage. OKX+1
Consider If: U.S. access is limited; check the OKX U.S. site for constraints. OKX
Regions: Global (varies); limited U.S. functionality.
Fees Notes: RFQ spreads; venue-specific fees may apply.
Alternatives: Binance OTC, Bybit Block Trading (alt).

5. Bitstamp Institutional OTC — Best for fiat rails + time-tested venue

Why Use It: A long-running exchange with strong fiat on/off-ramps and an institutional OTC workflow led by account managers. Good for conservative treasuries that prioritize settlement reliability. Bitstamp+1
Best For: Corporates, treasuries, conservative funds wanting robust fiat access.
Notable Features: Bespoke OTC service, flexible execution, institutional coverage, multi-jurisdiction licenses. Bitstamp
Consider If: You want a seasoned, fiat-friendly counterparty over maximum token breadth.
Regions: Global (eligibility varies by entity); U.S./EU presence.
Fees Notes: RFQ-based; program pricing with account manager.
Alternatives: Coinbase Institutional, Gemini eOTC (alt).

6. Cumberland (DRW) — Best principal liquidity for blocks and bespoke risk transfer

Why Use It: A pioneer OTC liquidity provider offering spot, listed derivatives blocks, and bilateral options—designed for size and custom risk transfer. Suits funds that want a direct principal counterparty. cumberland.io+1
Best For: Hedge funds, market makers, HNW desks needing principal risk warehousing.
Notable Features: Institutional OTC in dozens of assets, no pre-funding for eligible clients, bilateral options, listed blocks. cumberland.io
Consider If: You prefer direct LP quotes vs. agency brokers.
Regions: Global (KYC/eligibility apply).
Fees Notes: Embedded in spread; bespoke terms by relationship.
Alternatives: B2C2, Wintermute.

7. B2C2 — Best all-in-one OTC LP (spot + CFDs/NDFs/options)

Why Use It: A crypto-native LP trusted by institutions globally, with OTC spot plus institutional-grade derivatives (CFDs, options, NDFs). API/GUI access and tailored settlement make it versatile for funds. b2c2.com+1
Best For: Funds needing flexible products and global coverage.
Notable Features: OTC spot streaming, CFD/options/NDFs, tailored settlement, API + GUI. b2c2.com
Consider If: You want one counterparty for both spot and derivatives.
Regions: Global (eligibility varies).
Fees Notes: Spread-based; relationship-driven terms.
Alternatives: Cumberland, Galaxy.

8. FalconX — Best prime brokerage + OTC under one roof

Why Use It: A leading institutional prime broker with 24/7 electronic and OTC trading, deep pooled liquidity, and financing. Strong for programmatic execution plus high-touch blocks through one relationship. falconx.io+1
Best For: Quant funds, treasuries, crossover firms wanting prime + OTC.
Notable Features: Unified liquidity pool, eTrading + OTC desk, financing, 400+ tokens access (restrictions may apply). falconx.io
Consider If: You want consolidated services (execution + financing).
Regions: Global (KYC/eligibility apply).
Fees Notes: Spread/financing; custom terms by volume.
Alternatives: Coinbase Prime, Galaxy.

9. Wintermute OTC — Best for fast pricing across many assets

Why Use It: Algorithmic market maker offering OTC liquidity across spot, options, forwards, and tailored structures—useful when you need instantaneous, competitive quotes on long-tail assets as well as majors. wintermute.com
Best For: Funds trading majors and select alts with principal LP quotes.
Notable Features: OTC across spot/derivs, broad asset list, tailored products, institutional coverage. wintermute.com
Consider If: You value speed and asset breadth with a principal LP.
Regions: Global (eligibility applies).
Fees Notes: Spread-based; relationship pricing.
Alternatives: B2C2, Cumberland.

10. Galaxy Global Markets — Best for high-touch blocks + OTC derivatives at scale

Why Use It: Galaxy runs a large OTC operation with electronic trading, block risk transfer, and bespoke derivatives (options/forwards/swaps). Good fit for institutions that want principal liquidity plus broader institutional services. Galaxy+1
Best For: Hedge funds, crossover managers, corporates needing tailored blocks.
Notable Features: OTC/eTrading, derivatives suite, warehouse risk capacity, institutional coverage. Galaxy
Consider If: You want a multi-product institutional counterparty.
Regions: Global (KYC/eligibility apply).
Fees Notes: Spread/derivatives pricing by mandate.
Alternatives: Kraken OTC, FalconX.

Decision Guide: Best By Use Case

Regulated U.S. + agency execution: Coinbase Institutional. Coinbase
24/7 coverage with options: Kraken OTC. Kraken
Maximum global liquidity (non-U.S.): Binance OTC & Execution Solutions. Binance
Self-serve block/RFQ portal: OKX Liquid Marketplace. OKX
Fiat rails for treasuries: Bitstamp Institutional OTC. Bitstamp
Principal liquidity for size: Cumberland. cumberland.io
Spot + derivatives in one LP: B2C2. b2c2.com
Prime + OTC under one roof: FalconX. falconx.io
Fast quotes on many assets: Wintermute. wintermute.com
Blocks + derivatives at scale: Galaxy Global Markets. Galaxy

How to Choose the Right OTC Desk (Checklist)

Region & eligibility: Confirm entity onboarding (U.S./EU/APAC) and product permissions.
Liquidity fit: Can they quote your typical size across your pairs—majors, stables, alts?
Custody & settlement: How are assets custodied/segregated? Fiat rails? Settlement windows?
Execution style: Agency vs. principal. RFQ portal vs. chat. Derivatives availability.
Costs: Ask for sample RFQs; compare spreads, borrow/financing, and any desk fees.
Ops & reporting: Settlement netting, T+ timing, confirmations, and post-trade reports.
Support: 24/7 coverage, dedicated manager, escalation paths.
Red flags: Vague KYC/AML, unclear settlement instructions, or “too good” pricing without documentation.

Use Token Metrics With Any OTC Desk

AI Ratings to screen narratives and risk across assets before you request quotes.

Narrative Detection to spot momentum shifts that affect liquidity and spreads.
Portfolio Optimization to size positions and hedge exposures you’ll execute via OTC.
Alerts/Signals to monitor entries/exits and rebalance post-trade.
Workflow: Research in Token Metrics → Shortlist assets → Request OTC RFQs/execute → Monitor with Alerts.

Primary CTA: Start free trial.

Security & Compliance Tips

Enable strong 2FA and restrict desk communications to verified channels.
Use segregated, labeled wallets for OTC settlement; test small first.
Complete KYC/AML early; pre-clear signers/wallets to speed settlement.
Confirm settlement instructions and reference fields to avoid misposts.
For derivatives, document payoff, margining, and close-out mechanics.

This article is for research/education, not financial advice.

Beginner Mistakes to Avoid

Relying on one counterparty without backups during volatile windows.
Forgetting to confirm net vs. gross settlement amounts and deadlines.
Ignoring custody/withdrawal timelines when planning fiat legs.
Requesting quotes on illiquid alts without warning—expect wide spreads.
Disclosing sensitive trade info over unsecured channels.

FAQs

What is an OTC crypto desk?
An OTC desk privately matches large buyers and sellers off public order books to minimize slippage and information leakage. Trades are negotiated via RFQ and settled bilaterally or through an exchange affiliate. OKX

How big is a “block trade” in crypto?
It varies by desk and asset. Many desks treat six-figure USD notional as a starting point; some exchange-affiliated desks list thresholds or minimum asset requirements in portals. OKX

Do U.S. clients have fewer options?
U.S. institutions often prefer regulated venues and agency models (e.g., Coinbase Institutional, Kraken). Some global platforms are limited for U.S. persons; check eligibility before onboarding. Coinbase+2Kraken+2

What fees should I expect?
Most OTC pricing is embedded in the spread. Some venues disclose desk or user-to-user OTC fees (e.g., Bitfinex lists 0.1% for certain OTC flows); always request example RFQs. support.bitfinex.com

Is OTC safer than exchanging on-book?
Neither is inherently “safer.” OTC can reduce market impact and information leakage, but you still need strong KYC/custody, verified comms, and clear settlement procedures. OKX

Conclusion + Related Reads

If you’re a U.S.-regulated fund that values agency execution, start with Coinbase Institutional or Kraken. If you need global, principal liquidity and breadth, look at Binance OTC, OKX, Cumberland, B2C2, Wintermute, FalconX, or Galaxy. Match the desk to your region, execution style (agency vs. principal), and settlement needs, then run trial quotes before you scale.

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Related Reads:

Best Cryptocurrency Exchanges 2025
Top Derivatives Platforms 2025
Top Institutional Custody Providers 2025

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What Is ETF Investing? A Complete Guide for Beginners in 2025

Token Metrics Team

6 min

MIN

ETF investing is one of the smartest and most accessible ways to grow your wealth in 2025. With over $12 trillion in assets globally, Exchange-Traded Funds (ETFs) have become a go-to strategy for investors seeking low-cost, diversified, and flexible exposure to a wide range of markets — including stocks, bonds, commodities, and even cryptocurrencies.

In this guide, we’ll explore:

What is ETF investing?
How ETFs work
Different types of ETFs
Benefits and risks of ETF investing
How to use platforms like Token Metrics to make better investment decisions, especially with crypto ETFs

📌 What Is ETF Investing?

ETF investing refers to buying and holding shares of an Exchange-Traded Fund (ETF) — a marketable security that tracks a collection of assets such as stocks, bonds, or digital currencies. ETFs are traded on public exchanges just like individual stocks, meaning you can buy or sell them anytime during market hours.

Unlike mutual funds, ETFs are passively managed and aim to replicate the performance of a particular index or sector. For example, the SPY ETF tracks the S&P 500, giving you exposure to 500 of the largest U.S. companies with a single investment.

🔍 How Does an ETF Work?

An ETF is managed by an investment company that holds the actual basket of assets. This company issues shares that represent fractional ownership of the entire portfolio.

Here’s how ETF investing works in practice:

You buy ETF shares on a stock exchange through a broker (just like buying a stock).
The ETF provider holds the underlying assets (e.g., stocks, bonds, crypto).
You gain exposure to all assets in the fund with one transaction.
ETF price moves with the market value of its underlying assets.

This model provides instant diversification, reducing risk and simplifying portfolio construction.

🔍 What Are the Types of ETFs?

In 2025, ETF investing is more versatile than ever. Investors can choose from a variety of ETFs depending on their risk appetite, market outlook, and investment goals.

1. Equity ETFs

Track a group of stocks, either broadly (e.g., S&P 500, Nasdaq) or thematically (e.g., AI, electric vehicles, cybersecurity).

2. Bond ETFs

Offer exposure to government or corporate bonds, ideal for income investors seeking lower volatility.

3. Commodity ETFs

Provide access to raw materials like gold, silver, oil, or agricultural goods — useful as inflation hedges.

4. Thematic ETFs

Focus on emerging trends like blockchain, green energy, Web3, or metaverse industries.

5. Crypto ETFs

New in 2025, these ETFs give regulated exposure to digital assets like Bitcoin, Ethereum, and altcoins without managing wallets or private keys.

✅ Benefits of ETF Investing

ETF investing offers many benefits for both beginners and experienced investors:

1. Diversification

One ETF share exposes you to dozens or even hundreds of assets, reducing portfolio risk.

2. Low Fees

ETFs typically have lower expense ratios (0.03%–0.75%) compared to mutual funds (1%+), allowing you to keep more of your returns.

3. Liquidity

ETFs are traded on public exchanges, so you can buy and sell throughout the day, unlike mutual funds that settle once daily.

4. Transparency

Most ETFs disclose holdings daily, so you know exactly what you own.

5. Tax Efficiency

Due to their structure, ETFs are often more tax-friendly than other pooled investment vehicles.

⚠️ Risks of ETF Investing

While ETF investing has many advantages, there are a few risks to consider:

1. Market Risk

Your ETF will rise or fall with the market it tracks. If the S&P 500 drops, so does the SPY ETF.

2. Tracking Error

An ETF may not perfectly match the index it tracks due to fees or poor asset replication.

3. Over-Concentration

Some ETFs are heavily weighted in a few assets, which can increase volatility.

4. Liquidity Risk

Smaller or niche ETFs may have lower trading volume, making it harder to exit positions quickly.

📈 What Is Crypto ETF Investing?

In 2025, crypto ETF investing has gained significant traction. Thanks to regulatory clarity in major markets like the U.S., investors can now access:

Bitcoin spot ETFs (e.g., IBIT by BlackRock)
Ethereum ETFs
Altcoin basket ETFs
Thematic ETFs focused on DeFi, NFTs, or AI crypto

These ETFs make it easier to gain exposure to crypto assets through traditional brokerages and tax-advantaged accounts — without handling the complexity of wallets or exchanges.

🤖 How Token Metrics Enhances ETF Investing

Token Metrics is an AI-powered crypto analytics and research platform that can be used alongside ETF investing, especially when evaluating or managing crypto ETF exposure.

1. AI Price Predictions

Token Metrics uses machine learning models to forecast future prices of top cryptocurrencies — helping investors anticipate ETF performance tied to those assets.

2. Trader and Investor Grades

Each token tracked by Token Metrics receives a Trader Grade (short-term signal) and Investor Grade (long-term strength), allowing users to compare underlying assets of ETFs.

3. Real-Time Market Signals

If a crypto asset in your ETF becomes bullish or bearish, Token Metrics alerts you in real time — helping you decide whether to hold or rotate exposure.

4. Portfolio Tracking

You can sync your wallet or exchange accounts and use Token Metrics to monitor how ETF-related tokens are performing in your overall crypto portfolio.

💬 ETF Investing vs. Mutual Funds vs. Crypto

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For most retail investors in 2025, ETF investing offers the best balance between simplicity, diversification, and risk management — especially when paired with tools like Token Metrics.

🧠 Final Thoughts

ETF investing is one of the most powerful tools for building long-term wealth in today’s fast-moving markets. It provides instant access to diversified portfolios across traditional and emerging sectors — including cryptocurrency.

By combining ETF investing with AI-powered insights from Token Metrics, you gain an edge in identifying opportunities, managing risk, and adapting your strategy as markets evolve.

Whether you're buying your first ETF or exploring the future of finance through crypto ETFs, now is the perfect time to put ETF investing at the core of your portfolio strategy.

Crypto Basics

What Is an ETF Fund? A Beginner’s Guide to Exchange-Traded Funds in 2025

Token Metrics Team

6 min

MIN

ETF funds, or Exchange-Traded Funds, have revolutionized investing for both retail and institutional investors. In 2025, ETF funds are more popular than ever—offering a simple, low-cost, and diversified way to invest in everything from tech stocks to cryptocurrencies. But what exactly is an ETF fund, and why is it such a powerful investment tool?

In this article, we’ll explain:

What is an ETF fund?
How ETF funds work
Types of ETFs (including crypto ETFs)
Key benefits and risks
How Token Metrics, an AI-powered platform, helps you make better ETF investment decisions

Let’s dive in.

📌 What Is an ETF Fund?

An ETF fund (Exchange-Traded Fund) is a type of investment fund that holds a basket of securities—such as stocks, bonds, commodities, or cryptocurrencies—and is traded on a stock exchange, just like individual stocks.

When you buy a share of an ETF fund, you are buying partial ownership of that entire portfolio of assets. This gives you instant diversification without having to purchase each asset individually.

For example, an ETF fund that tracks the S&P 500 allows you to invest in 500 of the largest U.S. companies with just one purchase.

🔍 How Does an ETF Fund Work?

ETF funds are created by financial institutions called fund sponsors (like BlackRock, Fidelity, or Vanguard). These sponsors select and manage a portfolio of underlying assets and list the ETF shares on stock exchanges.

Here's how it works:

Creation – The sponsor assembles a portfolio and forms an ETF.
Listing – Shares of the ETF are listed and traded on exchanges like NYSE or Nasdaq.
Buying/Selling – Investors buy and sell ETF shares throughout the day at market prices.
Price Movement – The price of an ETF share fluctuates based on the value of its underlying assets and market demand.

ETF prices are influenced by a combination of Net Asset Value (NAV) and real-time market supply/demand.

🧩 Types of ETF Funds

In 2025, investors have access to a wide variety of ETF funds based on asset classes, strategies, and markets.