Crypto market maker Wintermute expects the next altcoin season to produce fewer winners as institutional investors concentrate activity in a narrower group of digital assets. In its OTC flow report for the first half of 2026, Wintermute found that institutional counterparties generated 72% of spot flow on its OTC desk, a record high, up from 61% in H2 2025 and 59% in H1 2025. Institutional activity fades faster after price surges, lasting roughly one day compared to three days for retail clients. Between H1 2024 and H1 2026, the number of unique tokens traded by institutional counterparties grew by just 24%, versus 76% for retail clients.
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