Wintermute's market report reveals a challenging year for altcoins in 2025, with overall returns significantly declining. The average duration of altcoin-driven rallies shortened to 19 days from 61 days the previous year. Retail investors shifted focus to stock market themes like AI, robotics, and quantum technology, while BTC, ETH, and most altcoins lagged behind major risk assets. Despite the lack of expected market rallies, this trend may indicate a shift of cryptocurrencies from speculative assets to a more mature asset class.