as is.
Let's translate paragraph by paragraph.
Original: "Institutional investors accounted for a record 72% of spot trading volume on Wintermute's OTC desk in the first half of 2026, up from 59% in the same period last year. The shift, driven by a prolonged bear market pushing retail traders toward equities, means institutional flow now carries more weight in shaping prices."
Translation: "Pelabur institusi menyumbang 72% rekod daripada jumlah dagangan spot di meja OTC Wintermute pada separuh pertama 2026, meningkat daripada 59% pada tempoh yang sama tahun lepas. Peralihan ini, didorong oleh pasaran bear yang berpanjangan yang mendorong pedagang runcit ke arah ekuiti, bermakna aliran institusi kini membawa lebih berat dalam membentuk harga."
We need to be natural. "spot trading volume" -> "jumlah dagangan spot" or "volume dagangan spot". "OTC desk" -> "meja OTC". "prolonged bear market" -> "pasaran bear yang berpanjangan". "pushing retail traders toward equities" -> "mendorong pedagang runcit ke arah ekuiti". "institutional flow" -> "aliran institusi". "carries more weight" -> "membawa lebih berat" or "lebih berpengaruh". Let's use "lebih berpengaruh" for naturalness. So: "bermakna aliran institusi kini lebih berpengaruh dalam membentuk harga."
Next paragraph: "The 72% figure marks a steady climb from 59% in H1 2025 and 61% in H2 2025. The participants driving that share include hedge funds, digital asset treasuries (DATs), asset managers, and family offices. Bitcoin's realized volatility has roughly halved across market cycles, sliding from about 70% to 45% — a sign that the market is maturing, but also that short-term trading opportunities are shrinking for retail."
Translation: "Angka 72% itu menandakan peningkatan yang stabil daripada 59% pada H1 2025 dan 61% pada H2 2025. Peserta yang mendorong bahagian tersebut termasuk dana lindung nilai, perbendaharaan aset digital (DAT), pengurus aset, dan pejabat keluarga. Volatiliti direalisasi Bitcoin telah kira-kira separuh merentas kitaran pasaran, menurun daripada kira-kira 70% kepada 45% — tanda bahawa pasaran semakin matang, tetapi juga bahawa peluang dagangan jangka pendek semakin mengecil untuk runcit."
We need to keep "H1 2025" etc. "realized volatility" -> "volatiliti direalisasi" or "volatiliti sebenar"? In crypto context, "realized volatility" is often "volatiliti realisasi" but we can use "volatiliti direalisasi". "roughly halved" -> "kira-kira separuh". "across market cycles" -> "merentas kitaran pasaran". "sliding from" -> "menurun daripada". "maturing" -> "matang". "shrinking" -> "mengecil".
Next: "Retail traders, who once dominated crypto spot markets, are increasingly turning to equities during the bear market. Wintermute's data shows that institutional activity in a token typically fades within a day of a rally, while retail traders remain active for about three days. That shorter attention span from institutions means price moves can be sharper but shorter-lived."
Translation: "Pedagang runcit, yang pernah mendominasi pasaran spot kripto, semakin beralih kepada ekuiti semasa pasaran bear. Data Wintermute menunjukkan bahawa aktiviti institusi dalam token biasanya pudar dalam sehari selepas kenaikan, manakala pedagang runcit kekal aktif selama kira-kira tiga hari. Rentang perhatian yang lebih pendek daripada institusi bermakna pergerakan harga boleh menjadi lebih tajam tetapi lebih singkat."
"sharper" -> "lebih tajam", "shorter-lived" -> "lebih singkat". "attention span" -> "rentang perhatian".
Next: "Not everything is shrinking. Altcoin options volume on Wintermute's OTC desk grew roughly 3.4 times over the past year, from H2 2025 to H1 2026. Tokenized real-world assets (RWAs) also surged, growing nearly 50% to $31 billion in the first half of 2026. Both trends point to institutional appetite for more diverse crypto exposure beyond plain spot trading."
Translation: "Tidak semuanya mengecil. Jumlah opsyen altcoin di meja OTC Wintermute berkembang kira-kira 3.4 kali ganda sepanjang tahun lalu, dari H2 2025 hingga H1 2026. Aset dunia sebenar yang ditokenkan (RWA) juga melonjak, berkembang hampir 50% kepada $31 bilion pada separuh pertama 2026. Kedua-dua trend menunjukkan selera institusi untuk pendedahan kripto yang lebih pelbagai di luar dagangan spot biasa."
"Altcoin options" -> "opsyen altcoin" (or "opsi altcoin" but "opsyen" is common in Malay for options). "grew roughly 3.4 times" -> "berkembang kira-kira 3.4 kali ganda". "surged" -> "melonjak". "appetite" -> "selera". "exposure" -> "pendedahan". "plain spot trading" -> "dagangan spot biasa".
Next: "Wintermute's own analysis suggests that if institutional flow continues to set market direction, the next rally may reward fewer winners than past cycles. That's a sobering thought for traders hoping for a broad altcoin season. The data doesn't say when that rally might come — only that when it does, it could look very different from 2021."
Translation: "Analisis Wintermute sendiri mencadangkan bahawa jika aliran institusi terus menentukan arah pasaran, kenaikan seterusnya mungkin memberi ganjaran kepada lebih sedikit pemenang berbanding kitaran lalu. Itu adalah pemikiran yang menyedarkan untuk pedagang yang mengharapkan musim altcoin yang luas. Data tidak menyatakan bila kenaikan itu mungkin datang — hanya apabila ia berlaku, ia mungkin kelihatan sangat berbeza daripada 2021."
"sobering thought" -> "pemikiran yang menyedarkan" or "pemikiran yang serius". "broad altcoin season" -> "musim altcoin yang luas" or "musim altcoin yang meluas". "reward fewer winners" -> "memberi ganjaran kepada lebih sedikit pemenang". "set market direction" -> "menentukan arah pasaran". "look very different" -> "kelihatan sangat berbeza".
Now meta description: "Wintermute's OTC desk reports a record 72% institutional share in H1 2026, up from 59% a year ago. Retail traders are shifting to equities, while altcoin options and tokenized RWAs surge."
Translation: "Meja OTC
