Crypto market liquidity became uneven in 2025, according to market maker Wintermute. Investor capital concentrated around a small group of tokens, while much of the market struggled to gain traction. As the crypto market breaks away from previous cycle-driven patterns, the firm identified three key developments it believes could set the stage for a broader market recovery in 2026. Crypto Liquidity Turned Top-Heavy in 2025 In its 2025 digital asset OTC market review, Wintermute noted that the year put many of the cryptocurrency market’s long-standing assumptions to the test
source: https://beincrypto.com/crypto-market-revival-2026-wintermute-analysis/