#altcoins Market snapshot (Wintermute) - Retail is rotating from altcoins back into BTC and ETH. - Institutions have been steadily buying BTC and ETH since summer. - BTC dominance is rising through H2. - Altcoins are pressured by token unlocks. - Capital is concentrated in BTC and ETH. - The market is sideways, due to holidays and low liquidity. Bottom line: Alt-season is possible, but not now. What to watch: - Near term: BTC needs to push higher and show strength. - Short term: expect rangebound moves with potential shocks from liquidations. - Medium term: institutions are likely to drive growth.