Wintermute: Next altcoin season may benefit only a few tokens, as capital continues to concentrate toward top assets
Odaily News: Crypto market maker Wintermute stated that the next altcoin season may feature only a few winners, with market capital increasingly concentrating toward leading tokens.
Wintermute data shows that in the first half of 2026, institutional clients accounted for 72% of its over-the-counter spot trading volume, a record high. Institutional capital typically reduces activity about one day after a significant price surge, while retail capital averages around three days, indicating that institutional capital tends to allocate more heavily to a small number of tokens and exit trades more quickly.
Looking at the broader market, CryptoQuant data shows that altcoin trading volume denominated in Bitcoin has fallen to near its lowest level since 2021. Currently, the top ten non-stablecoin altcoins account for approximately 80.5% of the total market capitalization of non-Bitcoin, non-stablecoin crypto assets.
Additionally, Kaiko data shows that the top ten altcoins' share of total altcoin trading volume has risen to 63%, up from roughly 50% a few months ago, further strengthening the trend of capital concentration. (Cointelegraph)
