Record institutional share
->Rekordhøy institusjonell andel
Then: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:72%-tallet markerer en jevn økning fra 59% i første halvår 2025 og 61% i andre halvår 2025. Deltakerne som driver denne andelen inkluderer hedgefond, digitale aktiva-treasuries (DAT-er), kapitalforvaltere og familieforetak. Bitcoins realiserte volatilitet har omtrent halvert seg over markedssykluser, fra omtrent 70% til 45% – et tegn på at markedet modnes, men også at kortsiktige handelsmuligheter krymper for private tradere.
We need to handle "digital asset treasuries (DATs)" - we can keep "digital asset treasuries" and add "(DAT-er)" or just "DAT-er". I'll keep "digitale aktiva-treasuries (DAT-er)" but maybe "digital aktiva-treasuries" is fine. Alternatively, we can keep the English term. I'll use "digitale aktiva-treasuries (DAT-er)". "family offices" -> "familiekontorer" is common. "realized volatility" -> "realisert volatilitet". "sliding from about 70% to 45%" -> "fra omtrent 70% til 45%". "short-term trading opportunities" -> "kortsiktige handelsmuligheter". Next:Why retail is stepping back
->Hvorfor private tradere trekker seg tilbake
Then: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:Private tradere, som en gang dominerte krypto spotmarkeder, vender i økende grad mot aksjer under bjørnemarkedet. Wintermutes data viser at institusjonell aktivitet i en token typisk avtar innen en dag etter en rally, mens private tradere forblir aktive i omtrent tre dager. Den kortere oppmerksomhetsspennet fra institusjoner betyr at prisbevegelser kan være skarpere, men kortere.
We need to be careful with "token" - we can keep "token" as is, it's common. "rally" is also used. "attention span" -> "oppmerksomhetsspenn" or "oppmerksomhetsspennvidde". I'll use "oppmerksomhetsspenn". Next:Altcoin options and tokenized RWAs on the rise
->Altcoin-opsjoner og tokeniserte RWA-er på vei opp
Then: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:Ikke alt krymper. Altcoin-opsjonsvolumet på Wintermutes OTC-desk vokste omtrent 3,4 ganger i løpet av det siste året, fra andre halvår 2025 til første halvår 2026. Tokeniserte real-world assets (RWA-er) økte også kraftig, med nesten 50% til 31 milliarder dollar i første halvår 2026. Begge trendene peker på institusjonell appetitt for mer diversifisert kryptoeksponering utover ren spothandel.
We need to handle "real-world assets" - we can keep "real-world assets" and add "(RWA-er)" or just "RWA-er". I'll use "tokeniserte real-world assets (RWA-er)". "grew roughly 3.4 times" -> "vokste omtrent 3,4 ganger" (note: in Norwegian, decimal comma is used, so 3,4). "$31 billion" -> "31 milliarder dollar" or "31 mrd. dollar". I'll use "31 milliarder
