Wintermute says broad altcoin rallies may fade as institutions gain market share

Wintermute said broad-based "altseason" rallies, in which many altcoins rise together, are likely to become less common as institutional investors take a larger share of the crypto market, according to CoinDesk. CoinDesk reported that institutional investors accounted for a record 72% of spot OTC trading volume at crypto market maker and over-the-counter trading platform Wintermute in the first half of this year, up from about 61% in the second half of last year. Wintermute said capital driving market trends is concentrating in a small number of tokens and trading is becoming more selective. The firm added that tokenized real-world assets reached $31 billion in the first half, up about 50%, while average monthly transfer volume more than doubled to $9 billion. Institutional use of tokenized assets was concentrated in U.S. Treasuries, money market funds, and private credit, Wintermute said.