Wintermute Data Shows Institutional OTC Flow Hits 72% in Early 2026

Kaiko's data from July 2025 put some numbers on the concentration. The 10 largest altcoins made up 63% of altcoin trading volume, up from earlier figures. DWF Labs' managing partner said a multitude of tokens compete for limited capital, and when institutional attention is short-lived, most tokens lose.

The consequences extend beyond price. Reduced liquidity in smaller tokens means sharper corrections and wider spreads. The ability to absorb selling pressure diminishes. Projects that cannot attract institutional interest may struggle to sustain momentum past the first day or two of any rally.

Traders said the next quarter's institutional trading volumes across major exchanges will show whether the concentration continues. The trading volume share of the top 10 altcoins, which stood at 63% in July 2025, will be another signal. A decline in retail activity in smaller tokens, measured by transaction volumes, would confirm the narrowing, traders said.