Svmuu News: In its review of the digital asset OTC market, crypto market maker Wintermute analyzed that the traditional four-year cycle of "Bitcoin" has shown weakness in 2025, and the altcoin cycle has virtually disappeared. This is not a temporary correction but a structural shift.Therefore, for the crypto market to see a truly strong rebound in 2026, it is highly dependent on the following three key outcomes, at least one of which must occur: ETF and digital asset treasury (DAT) firms will expand their investment scope beyond Bitcoin and Ethereum.Currently, U.S. spot BTC/ETH ETFs concentrate liquidity heavily on a few large-cap tokens, leading to narrow market breadth and severe performance divergence. Only when more coins are incorporated by institutions through ETFs or corporate treasuries will it be possible to restore broader market participation and liquidity.Major assets such as BTC, ETH, BNB, and SOL have once again demonstrated strong performance, generating a broad wealth effect.In 2025, the traditional cycle of “BTC rising followed by capital flowing into altcoins” has largely broken down. The average rally cycle for altcoins lasted only about 20 days (compared to approximately 60 days the previous year), with most tokens continuing to decline due to selling pressure from token unlocking.Only when top-tier assets surge again will capital likely trickle down, reigniting the altcoin rally. Retail investors’ attention has returned to the crypto market. Currently, retail investors remain actively engaged, but their capital is primarily allocated to high-growth themes such as the S&P 500, AI, robotics, and quantum computing.The painful memories of 2022–2023 (crashes, bankruptcies, liquidations), combined with crypto’s underperformance relative to traditional stock markets in 2025, have significantly diminished the appeal of crypto’s “get-rich-quick” allure for many. Only with a massive return of retail investors will the market regain its frenetic momentum.(Cointelegraph)