Crypto liquidity stayed in Bitcoin and Ether as altcoin rallies faded in 2025
Crypto liquidity was primarily concentrated on Bitcoin and Ether, as investors largely ignored the majority of altcoins, according to Wintermute’s 2025 digital asset OTC market review.
Wintermute’s review noted that investors focused on trading Bitcoin, Ether, and a few large-cap tokens. The change represented a distinct departure from previous cryptocurrency cycles, as cash flowed through ETFs and DATs, resulting in liquidity concentration at the top of the market. According to the report, ETFs expanded their universe by offering staking capabilities while DATs increased their mandates to invest in these assets.
Market liquidity shifts in crypto 2025
Liquidity came into crypto in 2025, but where did it go?
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