Wintermute: The next altcoin season may benefit only a few tokens, as capital continues to concentrate among top assets

Odaily reports that crypto market maker Wintermute stated that the next altcoin season may have only a few winners, as market capital continues to concentrate further into the leading tokens.

According to Wintermute data, institutional clients accounted for 72% of its OTC spot volume in the first half of 2026, reaching a historic high. Institutional funds typically reduce activity within about one day after a significant price increase, while retail funds maintain their positions for an average of about three days, indicating that institutional capital tends to concentrate allocations in a few tokens and exits trades more quickly.

From the overall market perspective, CryptoQuant data shows that altcoin trading volume denominated in Bitcoin has reached near the lowest level since 2021. Currently, the top ten non-stablecoin altcoins make up about 80.5% of the market capitalization of crypto assets excluding Bitcoin and stablecoins.

Additionally, Kaiko data indicates that the proportion of the top ten altcoins in overall altcoin trading volume has risen to 63%, up from around 50% a few months ago, further strengthening the trend of capital concentration. (Cointelegraph)