Crypto market maker Wintermute said the next altcoin season may produce only a small group of winners rather than a broad-based rally across the sector. The firm’s data shows institutional clients accounted for 72% of its OTC spot flow in the first half of 2026, the highest level on record. Wintermute also found that institutional activity tends to fade about a day after sharp price gains, while retail participation lasts around three days on average, pointing to a more concentrated and faster-moving approach from institutional capital. Other market data cited in the report tells a similar story. According to CryptoQuant, altcoin trading volume measured in Bitcoin has fallen near its lowest level since 2021. At the same time, the top 10 non-stablecoin altcoins now make up about 80.5% of the market capitalization of non-Bitcoin, non-stablecoin crypto assets. Kaiko data shows the top 10 altcoins account for 63% of total altcoin trading volume, up from about 50% a few months ago.
Crypto market maker Wintermute said the next altcoin season may have only a limited number of winners, with capital continuing to concentrate in the largest tokens.
Wintermute’s data shows institutional clients made up 72% of its over-the-counter spot flow in the first half of 2026, a record high. The firm said institutional activity usually declines about one day after a sharp price rally, while retail flows stay active for around three days on average. That pattern suggests institutional capital is concentrating on a smaller set of tokens and exiting trades more quickly.
Broader market data points in the same direction. According to CryptoQuant, altcoin trading volume measured in Bitcoin is close to its lowest level since 2021.
The top 10 non-stablecoin altcoins now account for about 80.5% of the market capitalization of non-Bitcoin, non-stablecoin crypto assets. Kaiko data also shows the top 10 altcoins now make up 63% of total altcoin trading volume, up from about 50% a few months ago, indicating that concentration is still increasing.
Cointelegraph was cited as the source of the report, which was carried by Odaily.
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