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Altseason canceled? Not so fast.
Wintermute data shows: • Retail rotating from alts → BTC & ETH
• Institutions accumulating BTC & ETH since summer
• BTC dominance rising
• Alts hit by heavy token unlocks
• Holidays + low liquidity = chop
Bottom line:
Altseason isn’t dead—just delayed.
First BTC must reclaim higher levels.
Short term: sideways + liquidations.
Mid term: institutions drive the next leg.