Crypto’s next altseason may have fewer winners: Wintermute
Summary
Wintermute says the next altcoin season may be narrower, with fewer winners, because institutional investors are concentrating capital in a smaller set of tokens. In its first-half 2026 OTC report, institutions accounted for 72% of spot flow on its desk, a record high, up from 61% in H2 2025 and 59% a year earlier. Institutional activity also appears more selective: the number of tokens traded by institutional counterparties rose only 24% from H1 2024 to H1 2026, versus 76% for retail clients, and institutional buying after price surges faded after about one day compared with three days for retail. Broader market data also shows altcoin capital clustering around the largest tokens, with weakening activity in the long tail.
