Cryptocurrency Company Wintermute Makes Pessimistic Statements Regarding Expected Altcoin Growth! Here are the Details

cryptonews.ruPublished on 2026-07-31Last updated on 2026-07-31

Abstract

Crypto market maker Wintermute has made a pessimistic assessment regarding the anticipated altcoin season, suggesting that any upcoming rally may benefit only a limited number of projects. The company reports a record 72% of its spot OTC trading volume in H1 2026 came from institutional clients, whose capital is becoming more selective and concentrated. Data shows institutional traders act quickly on price spikes, while retail interest lasts longer. This selective behavior indicates the classic altcoin season, where hundreds of tokens rise simultaneously, may be changing. Wintermute believes only projects with strong use cases, high liquidity, and institutional appeal will stand out. Supporting this view, CryptoQuant data shows altcoin trading volume against Bitcoin is near its lowest since 2021, with the top 10 altcoins (excluding stablecoins) holding about 80.5% of the total altcoin market cap. Similarly, Kaiko reports that the top 10 altcoins now account for 63% of total altcoin trading volume, up from ~50% a few months ago, indicating capital concentration. Analysts suggest that in the current cautious institutional climate, projects with advanced technology, liquidity, and robust ecosystems will attract disproportionate attention. Therefore, any potential new altcoin season may be less broad than past bull markets, with gains concentrated in a narrower set of promising tokens.

There is a suggestion 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 concentrating in a smaller number of tokens.

Wintermute announced that in the first half of 2026, institutional clients accounted for 72% of the company's over-the-counter (OTC) spot trading volume. This is the highest figure in the company's history.

According to data, institutional investor trading activity decreased significantly on average throughout the day following a sharp price surge, while interest from individual investors persisted for about three days. This indicates that institutional capital is acting more selectively and concentrating on specific tokens.

In Wintermute's view, this trend suggests that the classic 'altcoin season,' where hundreds of altcoins in the past simultaneously saw price increases, 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 point to a similar pattern. The analytics platform CryptoQuant reported that the trading volume of altcoin pairs against Bitcoin is approaching the lowest level since 2021. According to the same data, the top 10 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 firm Kaiko noted that trading volumes are increasingly concentrated in a smaller number of 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 current conditions, where institutional investors are acting more cautiously, projects with advanced technologies, 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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Related Questions

QAccording to Wintermute, what is the main factor potentially changing the traditional 'altcoin season'?

AWintermute suggests that changing behavior from institutional investors, who are becoming more selective and concentrating capital into a smaller number of tokens, is a key factor that may change the classic 'altcoin season'.

QWhat percentage of Wintermute's OTC spot trading volume came from institutional clients in H1 2026, and why is this significant?

AIn H1 2026, institutional clients accounted for 72% of Wintermute's OTC spot trading volume, the highest in the company's history. This is significant as it indicates a strong and growing institutional presence, which tends to be more selective than retail investors.

QWhat trend does the data from Kaiko show regarding trading volume concentration in altcoins?

AKaiko's data shows that trading volume is increasingly concentrated in fewer projects. The top 10 altcoins now account for 63% of total altcoin trading volume, compared to about 50% just a few months ago.

QWhat characteristics does Wintermute believe will make altcoin projects stand out in the new cycle?

AWintermute believes that in the new cycle, only projects with compelling use cases, high liquidity, and interest from institutional investors will stand out and potentially benefit.

QWhat is the implied overall outlook for the upcoming altcoin season compared to past cycles, based on the article's analysis?

AThe implied outlook is more cautious and selective. The upcoming altcoin season is not expected to be as broad as previous bull markets, with profits likely to be concentrated in a limited number of high-quality, institutionally-backed projects rather than spread across hundreds of altcoins.

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