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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