How Does an Over-The-Counter (OTC) Trade Differ from a Dark Pool Trade in Cryptocurrency?

An OTC trade is a bilateral agreement negotiated directly between two parties, often facilitated by a broker-dealer, without using a formal exchange's order book. A dark pool is an alternative trading system (ATS) or private exchange where multiple parties can submit anonymous orders that are matched electronically away from public view.

While both offer non-public execution, OTC is typically a direct one-to-one deal, whereas a dark pool is a multilateral trading facility.