Wintermute: Only a Few Winners in the Next Altcoin Season

Crypto market maker Wintermute has stated that the next altcoin season may only have a few winners. In the first half of 2026, institutional clients accounted for 72% of Wintermute's over-the-counter spot trading flow, marking a historical high. Institutional activity tends to fade about a day after price surges, while retail investors typically maintain their activity for around three days, indicating that institutional capital is concentrated in fewer tokens and dissipates more quickly. According to CryptoQuant, the trading volume of altcoins priced in Bitcoin is nearing its lowest level since 2021, with the top ten non-stablecoin altcoins accounting for approximately 80.5% of the market cap of non-Bitcoin non-stablecoins. Data from Kaiko shows that the top ten altcoins now represent 63% of altcoin trading volume, up from about 50% a few months ago, indicating a concentration of funds into a few tokens.

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