Wintermute: A few major market coins absorbed the vast majority of new capital. Whether market participation can be expanded in 2026 depends on the direction of liquidity.

CoinVoice · 2026-01-20T05:15:02+00:00

Wintermute's 2026 Outlook Report indicates that 2025 did not see the expected rise, and the market faces challenges. Future market engagement will depend on expanding investment scope through ETFs and DAT, a strong rebound in Bitcoin or Ethereum, and retail investors shifting towards cryptocurrencies.

CoinVoice

2026-01-20 05:15:02

Abstract generation in progress

CoinVoice has learned that in Wintermute’s 2026 Outlook Report, it was mentioned that the anticipated bullish trend did not materialize in 2025, and the traditional four-year cycle is becoming outdated. A few large companies have absorbed the vast majority of new capital, making the entire market struggle.

To expand market participation in 2026, it depends on whether one of the following three scenarios can significantly increase liquidity, so that it is no longer limited to just a few large-cap assets.

ETFs and DATs expand their investment scope, such as SOL and XRP ETFs.
A strong rally in Bitcoin or Ethereum could generate a wealth effect, but it remains uncertain how much capital will ultimately flow back into the digital asset space.
Retail investors’ attention may shift from stocks (artificial intelligence, rare earths, quantum technology) to cryptocurrencies, bringing in new capital inflows and stablecoin issuance. (The least likely scenario)

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