Wintermute says the next altcoin season may favor only a handful of tokens

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.