Here is the concise English summary of the
Wintermute report:
Market Outlook: A Two-Speed Crypto Era
Concentrated Capital: The market is shifting structurally. Liquidity is concentrating in Bitcoin (BTC) and Ethereum (ETH), while Altcoins lag due to heavy supply and token unlocks.
Institutional Lead: High-level institutions are replacing retail hype. This capital is "sticky," meaning it stays in the market longer, favoring liquid assets like BTC.
BTC Dominance: Investors now believe Bitcoin must lead before risk appetite can move to smaller coins. Retail participation is rotating back to majors for safety.
2026 Vision: Expect a "two-speed" market where BTC and ETH act as primary risk absorbers, while Altcoins face a longer, more selective recovery period.
In short: The market is maturing. Growth is no longer universal; it is becoming increasingly focused on the most established assets.
Source: Wintermute Market Update (December 2025)
