Снижение ликвидности альткоинов: биткоин и Ethereum становятся главными игроками рынка Decline in Altcoin Liquidity: Bitcoin and Ethereum Become Market Front-Runners

In 2025, the liquidity of cryptocurrencies ceased to be evenly distributed, predominantly concentrating in Bitcoin, Ethereum, and a few other major coins. This is highlighted in the Wintermute report, as mentioned by The Block.

Over the past two years, the share of altcoins in the total crypto liquidity has declined from 15% to 12%. The researchers utilized data from the over-the-counter (OTC) markets for their analysis.

The shift in capital flow dynamics has led to a departure from previous cyclical patterns, the company noted.

This situation emerged amid the active entrance of large institutional players into the market, including asset managers with ETFs. They primarily focus their investments on more stable and well-established cryptocurrencies.

Moreover, Wintermute pointed out the diminishing duration of altcoin rallies. In 2025, the average growth period for “alternative coins” was around 19 days, compared to 61 days in 2024.

Experts also observed a change in the approach of major counterparties to trade execution. According to the company’s analysis, institutional participants have shown less confidence in price direction and have engaged in more tactical positioning based on news headlines.

Regarding derivatives, Wintermute noted the expansion of OTC structures. There is a growing use of Contracts for Difference (CFDs) as a capital-efficient means of accessing a broader range of underlying assets.

Options have also become a primary tool for managing crypto portfolios.

According to Wintermute, the strategies for providing liquidity now hold equal significance as the overall risk appetite. Thus, the future dynamics will depend on whether capital expands beyond a few major assets or remains confined to the upper market segment.

While a resurgence of interest from retail investors could potentially attract new funds and stimulate altcoin rallies, Wintermute regards this scenario as unlikely.

It is worth noting that Michael van de Poppe, founder of MN Fund, has stated that Bitcoin could surpass the psychologically significant level of $100,000 by the end of January if it manages to stabilize above the $92,000 mark.