Wintermute just challenged the classic "all-in altseason" thesis. Wintermute's new report, "Digital Asset OTC Flow: The Institutional Effect," points to a major structural shift in the crypto market: • Institutions now dominate the market. – In H1 2026, 72% of Wintermute's Spot OTC trading volume came from institutions, the highest level on record. – That's up from roughly 60% in 2025. – Hedge funds, investment funds, asset managers, and family offices are driving flows, while retail participation has yet to meaningfully return. • Altseason is becoming increasingly selective. – Wintermute identifies this as the biggest change of the current cycle. – Instead of liquidity spreading across the entire market, capital is concentrating in a small group of highly liquid assets with strong fundamentals that institutions can actually access. – The takeaway: not every altcoin will rally. The next altseason is more likely to belong to a limited number of projects with clear narratives and institutional capital behind them. • Derivatives are becoming more important. – Altcoin OTC options volume increased approximately 3.4x in just six months. – Institutions are no longer trading only spot—they're using derivatives for yield generation and risk management. – As a result, market volatility is gradually becoming lower than in previous cycles. • RWA remains a major narrative. – The value of tokenized assets grew nearly 50% to around $31 billion in H1 2026. – Institutional demand is focused primarily on U.S. Treasuries, money market funds, and private credit, while tokenized stocks are attracting more retail investors. If this trend continues, crypto is entering a more mature phase where institutional capital determines market leadership. In previous cycles, a rising market lifted most altcoins. This cycle looks different: capital is likely to concentrate in a smaller set of large, liquid projects with compelling growth narratives. That's why picking the right narrative and the right projects may matter far more than holding a broadly diversified altcoin portfolio. Do you think the era of "everything pumps" is over, or will retail eventually bring back a broad altseason?