Wintermute: Three Major Conditions Must Be Met for Crypto Market Recovery in 2026

Crypto market maker Wintermute stated in its review of the digital asset OTC market that bitcoin's traditional four-year cycle is showing weakness in 2025, and the altcoin cycle has almost disappeared, indicating structural changes. Whether the crypto market can rebound strongly in 2026 depends on the following three key conditions: ETFs and crypto treasury companies need to expand their investment scope beyond bitcoin and ethereum; BTC, ETH, and major assets such as BNB and SOL need to perform strongly again and drive a wealth effect; retail investors need to return to the crypto market on a large scale. Currently, retail funds are flowing more into the S&P 500, AI, and other high-growth themes, and if crypto underperforms the traditional stock market in 2025, its attractiveness may be further weakened.