Wintermute 2025 Report: Capital Concentration BTC/ETH Altcoin Bull Market Lasted Only 20 Days Four-Year Cycle Disintegrates

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Wu said that a report released by Wintermute indicates that in 2025, capital inflows into the crypto market will be highly concentrated, with ETF and DAT channels guiding liquidity mainly to BTC, ETH, and some large-cap coins, while altcoins have not shown widespread rotation; the altcoin bull market lasts an average of about 20 days (around 60 days in 2024), with narratives rapidly compressing; options activity doubles year-over-year (growth of 2.5 times from Q4 24 to Q4 25), with a shift towards systemic strategies including yield generation, downside protection, and covered calls; ETF and DAT, alongside stablecoins, become the main liquidity channels; the traditional four-year cycle is disintegrating, and market performance is now determined by liquidity flows and investor attention; potential factors for change in 2026 include expanded authorization for ETF/DAT, wealth effects from rising BTC/ETH prices, and a return of retail focus.

BTC4.03%
ETH5.82%
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