Wintermute: Institutions double down on BTC and ETH, retail investors lean towards Meme and other counterfeit products

The latest report released by Wintermute shows that in the bull market in the first half of 2025, there are significant differences in the investment strategies of retail investors and institutional investors, and there is a significant divergence in trading interest, which has been mostly synchronized for many years.
The report shows that institutional investors continue to double down on major cryptocurrencies such as Bitcoin and Ethereum, while retail investors prefer Meme and other counterfeit products. Institutions seek stable exposure, while retail investors chase newer and riskier opportunities. The gap between institutions and retail investors in the allocation of major cryptocurrencies hit a record, reaching 30 percentage points. Institutions' allocation of mainstream cryptocurrency investment remained at 67%, mainly through ETF inflows and other new accumulation vehicles, while retail investors' allocation to mainstream cryptocurrencies fell by 9% to 37%. Evgeny Gaevoy, CEO and founder of Wintermute, said in the report: "This divergence is not temporary, it shows that we are experiencing a more mature, sophisticated and specialized crypto market. Investors are no longer chasing the same trend. Institutions view cryptocurrencies as macro assets, while retail traders continue to be attracted by innovation."