MarketPR
Institutional investors took 72% of Wintermute's spot OTC flow in the first half of 2026, the crypto market maker's data shows, as capital pulled toward fewer tokens and altcoin rallies grew more selective.
Wintermute's read: the next altseason may produce fewer winners than prior cycles. The 72% print Wintermute's spot OTC business matches buyers and sellers of digital assets outside exchange order books.
The firm's H1 2026 data places institutional dominance at nearly three-quarters of that flow.
The more consequential detail is what it implies about capital behavior: money is concentrating rather than spreading across the altcoin complex.
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