It has been suggested that the long-awaited new altcoin season in the cryptocurrency market, unlike past cycles, may benefit only a limited number of projects.
Wintermute, one of the world's leading cryptocurrency market makers, stated in its latest assessment that institutional investor behavior is beginning to change, and capital is increasingly concentrated in a smaller number of tokens.
Wintermute announced that institutional clients accounted for 72% of the company's over-the-counter (OTC) spot trading volume in the first half of 2026. This is the highest figure in the company's history.
According to data, the trading activity of institutional investors typically decreased significantly within a day after sharp price increases, while interest from individual investors persisted for about three days. This indicates that institutional capital is acting more selectively and concentrating on specific tokens.
According to Wintermute, this trend suggests that the classic "altcoin season," where hundreds of altcoins in the past saw simultaneous price growth, may change. The company believes that in the new cycle, only projects with compelling use cases, high liquidity, and interest from institutional investors will stand out.
Other data supporting the overall market picture also points to a similar trend. The analytical platform CryptoQuant reported that trading volume for altcoin pairs against Bitcoin is approaching the lowest level since 2021. According to the same data, the 10 largest altcoins by market capitalization, excluding stablecoins, account for approximately 80.5% of the total altcoin market capitalization when Bitcoin and stablecoins are excluded.
Similarly, market data analysis company Kaiko noted that trading volumes are increasingly concentrated in fewer projects. According to Kaiko, the top 10 altcoins account for 63% of total altcoin trading volume, compared to about 50% just a few months ago. This shift indicates that investor capital is increasingly flowing into a narrower group of projects.
Analysts note that in the current environment, where institutional investors are acting more cautiously, projects with advanced technology, high liquidity, and a robust ecosystem may attract more attention compared to other altcoins. Therefore, it is suggested that a potential new altcoin growth season may not be as extensive as previous bull markets, and profits may be concentrated in a limited number of promising projects.
*This is not investment advice.
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