Рынок криптовалют: биткойн и Ethereum доминируют, а альткоины теряют позиции Translation: Cryptocurrency Market: Bitcoin and Ethereum Dominate, While Altcoins Lose Ground

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

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

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

This situation has occurred against the backdrop of significant entry by large institutional players, including asset managers with ETFs. They mainly invest capital in more stable and time-tested cryptocurrencies.

Additionally, Wintermute pointed out a reduction in the duration of altcoin rallies. In 2025, the average growth period for «alternative coins» was approximately 19 days, compared to 61 days in 2024.

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

Regarding derivatives, Wintermute noted the expansion of OTC structures. The use of CFDs (Contracts for Difference) is increasing as a capital-efficient method to access a broader range of underlying assets.

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

In Wintermute’s view, the methods of providing liquidity are now just as crucial as the overall risk attitude. Thus, future dynamics will depend on whether capital expands beyond a few major assets or remains concentrated in the upper market segment.

Although a resurgence of interest from retail investors could potentially attract new funds and stimulate altcoin rallies, Wintermute considers such a scenario unlikely.

Furthermore, the founder of MN Fund, Michael van de Poppe, stated that Bitcoin may surpass the psychologically significant $100,000 level by the end of January, if it manages to hold above the $92,000 mark.