Retail traders fled to Bitcoin and Ether after the October crypto crash last year, adding to an already tough year for altcoins.
Retail traders spooked by the massive crypto liquidation event in October fled back to major cryptocurrencies as their hopes for an altcoin season were dashed, according to Wintermute.
Since around 2022, retail traders have been net sellers of majors such as Bitcoin (BTC) and Ether (ETH), preferring altcoins instead, but that pattern broke in 2025, according to Wintermute’s “Digital asset OTC market 2025” report released on Tuesday.
The October 10 liquidation event and market crash “marked a clear inflection point,” accelerating retail’s rotation back into Bitcoin and Ether, the firm said.
