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Wintermute Says Crypto Liquidity Is Stuck at the Top in BTC and ETH
Crypto liquidity stopped dispersing across the market in 2025 and instead pooled around bitcoin, ether, and a narrow group of large-cap tokens, according to Wintermute’s latest digital asset OTC report. The market maker said this concentration altered how capital moved through crypto, breaking with patterns seen in prior cycles where gains in majors often spilled into altcoins. “Capital no longer spreads broadly across the market,” Wintermute wrote, noting that liquidity has become unevenly distributed and increasingly dependent on where institutional flows enter. Exchange-traded funds and digital asset ... (full story)