Crypto’s next altseason may have fewer winners: Wintermute

Institutional investors accounted for 72% of Wintermute’s spot OTC flow in the first half of 2026 as capital clustered in fewer tokens and altcoin rallies became more selective.

Crypto’s next altcoin season may produce fewer winners as institutional investors concentrate their activity in a narrower group of digital assets, according to crypto market maker Wintermute.

In its over-the-counter (OTC) flow report for the first half of 2026, Wintermute said institutional counterparties generated 72% of spot flow across all tokens on its OTC desk, the highest share on record. That was up from 61% in the second half of 2025 and 59% in the first half of last year. 

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