On July 15, according to The Block, Wintermute's latest research shows that a clear divergence of investors emerged in the crypto market in the first half of 2025: institutional investors mainly allocated mainstream cryptocurrencies such as Bitcoin and Ethereum, accounting for as much as 67%; while retail investors reduced their allocation to mainstream currencies to 37% and turned to higher-risk altcoins such as meme coins. Institutional investors have widely adopted derivatives for hedging and yield generation, with over-the-counter options trading volume surging 412% year-on-year. [Deep Tide TechFlow]