Wintermute's latest report reveals significant shifts in the cryptocurrency over-the-counter (OTC) market in 2025, highlighting a move from narrative-driven cycles to execution-focused dynamics. Liquidity has become more concentrated, with trading activities primarily centered around major tokens like BTC and ETH, as well as select altcoins. The report notes a decline in the duration of market upswings and a shift towards structured liquidity channels such as ETFs and Digital Asset Treasuries (DATs). The report outlines three potential scenarios for market recovery in 2026: expansion of ETF and DAT investment scopes, a strong price increase in leading coins like Bitcoin and Ethereum, or a significant shift in retail investor attention back to cryptocurrencies. Wintermute emphasizes that the market's future performance will depend on whether liquidity can spread beyond a few major assets or remain concentrated.