Wintermute: The next round of altcoin market may show a "winner-take-all" pattern

On July 31, cryptocurrency market maker Wintermute pointed out that as institutional investors concentrate their activities on a narrower range of digital assets, the next round of altseason for cryptocurrencies may create only fewer winners. In its over-the-counter (OTC) traffic report for the first half of 2026, Wintermute said that institutional counterparties contributed 72% of the spot trading traffic of various tokens on its OTC platform, setting a record high. This proportion is higher than 61% in the second half of 2025 and 59% in the first half of last year. The 10 largest non-stablecoin altcoins with market capitalisation account for approximately 80.5% of the total market value of the non-Bitcoin and non-stablecoin markets.