Wintermute has announced that the traditional four-year Bitcoin cycle is losing its influence, with market dynamics now driven by liquidity flows and investor focus. According to Wintermute's OTC liquidity data, the transmission of crypto-native wealth weakened in 2025, as ETFs and DATs have become "walled gardens" that sustain demand for large-cap assets without naturally rotating capital into broader markets. This shift has resulted in a concentrated market, with altcoin rebounds averaging just 20 days in 2025, compared to 60 days in 2024. Looking ahead to 2026, Wintermute suggests that the market needs significant catalysts to break the current limitations. These include the expansion of ETFs and DATs to include assets like SOL and XRP, a strong performance from major cryptocurrencies like Bitcoin or ETH, or a shift in retail investor interest back to cryptocurrencies from stocks. The outcome will depend on whether these factors can broaden liquidity beyond a few large-cap assets or if market centralization will persist.