Bitcoin and Ethereum continue to dominate the cryptocurrency market in 2026, overshadowing altcoins which experience shorter and weaker rallies. Institutional trading has become more strategic, focusing on risk management and efficiency rather than speculative hype. This shift marks a departure from the traditional four-year cycle, as 2025 did not deliver the expected rally, indicating a transition to a more structured asset class. Wintermute's OTC review highlights that liquidity is now concentrated around Bitcoin, Ethereum, and a few large-cap tokens, with ETFs and Digital Asset Trusts (DATs) channeling capital into these "walled gardens." This has restricted the natural rotation into the wider altcoin market, reducing the average duration of cryptocurrency rallies to 19 days in 2025 from 60 in 2024. The market now exhibits smaller breadth and sharper performance dispersion, reflecting a more mature and sophisticated trading environment. For the crypto market to expand beyond major tokens, three potential catalysts are identified: broadening ETF and DAT mandates to include more assets, a significant rally in Bitcoin or Ethereum, or a shift in retail interest from equities back to crypto. However, analysts note that while the latter is the least likely, it could have the most significant impact if realized. Wintermute's analysis underscores that liquidity concentration and institutional evolution are now key drivers of the crypto market's future.