Wintermute Sees Fewer Winners in Next Altcoin Rally

Crypto market maker Wintermute expects the next altcoin rally to be narrower than previous cycles as institutional investors concentrate capital in a smaller group of digital assets. The shift matters because large over-the-counter orders can deepen liquidity for favored tokens while leaving less-established coins without the sustained buying needed to participate in a broad market upswing.

Institutional investors accounted for a record 72% of Wintermute’s OTC spot flow in the first half of 2026, according to the firm’s latest report. Wintermute did not disclose a dollar value for that trading volume. The market maker said the concentration of institutional capital is likely to produce fewer winners in the next “altseason,” while liquidity across long-tail tokens continues to weaken.