Wintermute: Retail traders shift from altcoins to major tokens as Bitcoin dominance rises

Wintermute said in a Dec. 23 market report that Bitcoin's market dominance has moved higher as market structure tightened ahead of the holidays. Internal flow data show major cryptocurrencies are seeing stronger buying interest than selling, with BTC displaying a longer and more stable period of buyer advantage and ETH showing increased year-end buying activity. Institutional flows have been a consistent source of net buying since summer, while retail traders have started rotating out of altcoins and back into major tokens, aligning with the view that BTC tends to lead gains before a subsequent move into altcoins.