Wintermute Analyzes Bitcoin and Ethereum's Dominance in Market Structure Shift
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Dec 23 2025- Market Structure Shift: Wintermute notes that as capital concentrates further into Bitcoin and Ethereum, the broader altcoin market continues to lag due to supply pressures and weakened risk appetite, indicating a structural shift in liquidity movement.
- Price Stability: Despite Bitcoin briefly dipping below $85,000 and later recovering to $90,000 under thin trading conditions, the narrowing market leadership suggests an increasing dominance of Bitcoin, reflecting sustained buying interest in major assets.
- Increased Institutional Participation: Institutional flows have remained a consistent source of demand since summer, while retail investors are rotating away from altcoins towards more liquid assets, indicating growing confidence in Bitcoin that may drive a resurgence in risk appetite in the future.
- Future Outlook: Wintermute expects that with traditional financial institutions continuing to enter the crypto space, market behavior will trend towards Bitcoin and Ethereum acting as primary risk absorbers, while the altcoin market faces a longer adjustment period, leading to a more concentrated and institutionally-led market structure.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
