Wintermute Warns Next Altseason Will Have Fewer Winners

Crypto market maker Wintermute just shared some interesting data from the first half of 2026. Institutional investors made up 72 percent of their spot over the counter trading volume. This shows big money is calling the shots in the current market.

More importantly, this capital is clustering in a much smaller group of tokens. Instead of money spreading evenly across the board, altcoin rallies are becoming very selective. Traders used to seeing every token pump during a bull run might need to adjust their expectations.

This shift matters for anyone watching the altcoin market. Finding the right coins is harder when liquidity concentrates at the top. Keep an eye on which specific assets attract institutional volume as market conditions continue to develop.