Is the post-Bitcoin altseason formula shaking up? Institutions are concentrating on a few assets

Wintermute said in its H1 2026 OTC flow report that institutional capital is concentrating in a small set of assets such as Bitcoin and Ethereum.

Institutional OTC activity rose to 72%, and institutions tend to cut trading quickly after sharp price moves.

As a result, the next altseason may be narrower and more selective rather than a broad rally across the market.

Retail investors keep trading longer after price spikes, while institutions adjust faster, creating a different market dynamic.