Wintermute Report: Next Altseason Expected to Be Less Explosive Than Before.
The next altseason is predicted to differ from previous cycles, as it will not deliver uniform price increases across the board.
According to Wintermute's report for the first half of 2026, institutional investor capital is now increasingly concentrated in fewer crypto assets, making the altcoin rally expected to be more selective.
The data shows that institutional investors accounted for 72% of all spot over-the-counter (OTC) trading activity at Wintermute. This figure is the highest on record, up from 61% in the second half of 2025 and 59% in the first half of 2025.
**Institutional Investors Begin Focusing on Fewer Altcoins.**
Wintermute found that institutional investor activity is no longer spreading across as many altcoins as before. Liquidity, or incoming funds, is becoming increasingly concentrated in assets perceived to have stronger prospects.
During the period from the first half of 2024 to the first half of 2026, the number of unique tokens traded by institutional investors increased by only 24%.
The next altseason is predicted to differ from previous cycles, as it will not deliver uniform price increases across the board.
According to Wintermute's report for the first half of 2026, institutional investor capital is now increasingly concentrated in fewer crypto assets, making the altcoin rally expected to be more selective.
The data shows that institutional investors accounted for 72% of all spot over-the-counter (OTC) trading activity at Wintermute. This figure is the highest on record, up from 61% in the second half of 2025 and 59% in the first half of 2025.
**Institutional Investors Begin Focusing on Fewer Altcoins.**
Wintermute found that institutional investor activity is no longer spreading across as many altcoins as before. Liquidity, or incoming funds, is becoming increasingly concentrated in assets perceived to have stronger prospects.
During the period from the first half of 2024 to the first half of 2026, the number of unique tokens traded by institutional investors increased by only 24%.