Crypto’s next altseason may have fewer winners: Wintermute

Crypto’s next altcoin season may produce fewer winners as institutional investors concentrate their activity in a narrower group of digital assets, according to crypto market maker Wintermute.In its over-the-counter (OTC) flow report for the first half of 2026, Wintermute said institutional counterparties generated 72% of spot flow across all tokens on its OTC desk, the highest share on record. That was up from 61% in the second half of 2025 and 59% in the first half of last year. With institutional activity concentrated in fewer tokens and fading faster after price surges, the findings suggest future altcoin rallies could become narrower and more selective. Wintermute said liquidity was concentrating in the assets institutions favored while activity across the market’s “long tail” weakened.Between the first half of 2024 and the first half of 2026, the number of unique tokens traded by Wintermute’s institutional counterparties grew by just 24%, compared with 76% among retail clients. The firm also found that institutional activity following a surge in a token’s price and volume faded after roughly one day. In contrast, retail activity typically remained elevated for about three day...