Plain English
An OTC (over-the-counter) desk executes large crypto trades privately — outside public exchanges — to avoid moving the market. Coinbase Prime, Galaxy, Cumberland, FalconX, B2C2, Genesis, Wintermute. Used by funds, family offices, and HNW individuals for trades typically above $250K.
How it actually works
You request a quote for size; the desk gives a firm price (often within 5–20 basis points of the spot mid); you accept and settle by wire or stablecoin. The desk takes the other side of your trade and unwinds across multiple venues over time. The result: you get a single clean fill at a known price, with no slippage from market impact.
What it means for you
For HNW size, OTC is materially cheaper than exchange execution once you exceed a venue’s order-book depth. Relationships with two or three desks gives you competitive quoting. Settle in stablecoin for instant delivery; settle in wire when you need fiat in and out. Most desks also offer dated forwards, options, and structured products beyond simple spot.
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Educational content only. Not investment, tax, or legal advice.