⚡️ Liquidity is concentrated in "core assets": Is the old altcoin season dead? Wintermute
Wintermute's analysts have released a new report, and these data are thought-provoking. The 2025 cryptocurrency market no longer follows the old rules.
Key points:
🔹 Centralization by giants. Liquidity is no longer diluted. Major capital is locked into BTC, ETH, and top-tier tokens. According to OTC data, the share of altcoins in total liquidity dropped from 15% to 12% over two years.
🔹 Institutional-led rules. Funds flowing into ETFs are directed toward verified assets. Big players are becoming more cautious: they are no longer making long-term bets, but instead adjusting their positions tactically based on news headlines.
🔹 Shrinking altcoin rebounds. If the average altcoin rebound in 2024 lasted 61 days, in 2025 this cycle has shortened to just 19 days. Fleeting moments.
🔹 New tools. Options have become a foundational tool for portfolio management, while CFDs have become the primary way to gain exposure to a broader range of core assets.
What does this mean for us?
Old cycle models no longer apply. Wintermute remains skeptical about a large-scale return of retail investors, as this could potentially rescue "shitcoins." Now, it's not enough to just "believe in a project"—attention must also be paid to the path of liquidity.
Capital either stays at the top of the market, or the market needs a new powerful catalyst to break through the constraints of BTC and ETH.
#Wintermute #CryptoLiquidity #BTC #ETH #Altcoins