Wintermute: The next round of altcoin season may only benefit a few tokens, as funds continue to concentrate towards the top

Cryptocurrency market maker Wintermute stated that the next round of altcoin season may have only a few winners, as market funds are further concentrating on leading tokens. Wintermute's data shows that in the first half of 2026, institutional clients accounted for 72% of its over-the-counter trading spot volume, a record high. Institutional funds typically reduce activity about a day after a significant price increase, while retail funds maintain activity for an average of about three days, indicating that institutional capital tends to concentrate on a few tokens and exit trades more quickly.

From an overall market perspective, CryptoQuant data shows that the trading volume of altcoins priced in Bitcoin has approached its lowest level since 2021. Currently, the top ten non-stablecoin altcoins account for approximately 80.5% of the market capitalization of non-Bitcoin, non-stablecoin crypto assets. Additionally, Kaiko data shows that the top ten altcoins now account for 63% of the overall altcoin trading volume.