Institutional investors are reshaping the cryptocurrency market in ways that may spell the end of the broad-based, euphoric ‘altseason’ rallies that have historically lifted hundreds of tokens simultaneously. According to new data from crypto market maker and over-the-counter trading platform Wintermute, the share of spot OTC trading volume attributed to institutional players reached a record 72% in the first half of this year, up from approximately 61% in the second half of 2024.

Capital Concentration and Selective Trading

Wintermute’s analysis suggests that the capital driving market trends is increasingly concentrated in a small number of tokens. The firm noted that trading activity is becoming more selective, with…