Wintermute: Next Altcoin Season May Benefit Only a Few Tokens, as Funds Continue to Concentrate Toward Leaders

Odaily News: Crypto market maker Wintermute stated that the next altcoin season may only see a handful of winners, as market capital continues to concentrate further toward top tokens.

Wintermute data shows that in the first half of 2026, institutional clients accounted for 72% of its over-the-counter spot trading flow, a record high. Institutional capital typically reduces activity about one day after a significant price surge, while retail capital averages approximately three days, indicating that institutional capital tends to favor concentrated allocations in a few tokens and exits trades more quickly.

From a broader market perspective, CryptoQuant data shows that altcoin trading volume denominated in Bitcoin has approached its lowest level since 2021. Currently, the top ten non-stablecoin altcoins account for approximately 80.5% of the market capitalization of non-Bitcoin, non-stablecoin crypto assets.

Additionally, Kaiko data shows that the share of the top ten altcoins in overall altcoin trading volume has risen to 63%, up from roughly 50% a few months ago, further strengthening the trend toward capital concentration. (Cointelegraph)