Wintermute's 2025 data shows crypto liquidity clustering in Bitcoin and Ether as altcoin rallies shorten

In its 2025 digital asset OTC market review, Wintermute reported that liquidity in the crypto market largely concentrated in Bitcoin, Ether and a few large-cap tokens, while most altcoins lost sustained investor interest. The report highlighted that a major deleveraging event on October 10 led to about $19 billion in liquidations and cut altcoin open interest by roughly 55%, even as OTC options activity and institutional positioning in major assets increased throughout the year.