The firm stated:
Wintermute emphasized that these forces will determine whether concentration eases or persists, concluding:
FAQ ⏰ Why is the four-year crypto cycle losing relevance? Wintermute says liquidity concentration and institutional capital flows now outweigh predictable halving-driven timing narratives. How did ETFs and trusts impact crypto markets in 2025? These vehicles absorbed capital into closed systems, sustaining demand for major assets while limiting spillover to altcoins. What happened to altcoin rallies in 2025?Altcoin rallies shortened to about 20 days on average as large-cap assets captured most new inflows. What could broaden crypto liquidity in 2026? Wintermute points to expanded ETF mandates, stronger bitcoin or ethereum performance, or renewed retail-driven stablecoin issuance.
