Wintermute: A few large-cap coins absorbed the vast majority of new capital. Whether the market participation can expand in 2026 depends on the direction of liquidity.

ChainCatcher news reports that in Wintermute's 2026 outlook report, the expected rally in 2025 did not materialize, and the traditional four-year cycle is becoming outdated. A few large companies absorbed most of the new capital, and the entire market is struggling.
To expand market participation in 2026, it depends on whether one of the following three scenarios can significantly increase liquidity, so that it is no longer limited to a few large-cap assets.
1. ETFs and DATs expand their investment scope, such as SOL and XRP ETFs.
2. A strong rally in Bitcoin or Ethereum could generate a wealth effect, but it is still uncertain how much capital will eventually flow back into the digital asset space.
3. Retail investors' attention may shift from stocks (artificial intelligence, rare earths, quantum technology) to cryptocurrencies, bringing in new capital inflows and stablecoin issuance. (The least likely scenario)