The US attack on Iranian targets near the Strait of Hormuz, coupled with a surge in oil prices to a 40-day high, a rise in US 10-year Treasury yields to approximately 4.81%, nearing their highest levels in recent years, and a pricing of around 66-70% probability of a Fed rate hike in September, increased investor anxiety and reduced the attractiveness of risky assets like Bitcoin.
At this point, Bitcoin has fallen to around $76,500, a 2% drop in the last 24 hours. This has also dragged down altcoins, with Ethereum experiencing a 3% decrease, and $XRP and Solana both falling by 4%.
While Bitcoin and altcoins are experiencing declines, Wintermute, a prominent market maker in the cryptocurrency market, said that institutional investors have begun to shift towards altcoins following Bitcoin’s strong rise.
Wintermute’s latest report noted that institutional capital is expanding beyond Bitcoin into select altcoins like Solana and $XRP.
Record Entries in Solana and $XRP Funds!
According to Wintermute’s analysis, large investors are quietly buying Solana and $XRP.
One of the most important developments highlighted by Wintermute at this point is that fund inflows into Solana and $XRP-focused ETFs are expected to reach record levels in 2026.
According to the report, Solana funds received a total of $154 million, while $XRP funds received $110 million. Wintermute stated that this development shows that institutional investor interest is not limited to Bitcoin and Ethereum alone, and that capital is expanding towards select altcoins.
However, Wintermute added that this assessment does not mean investors are completely abandoning Bitcoin. The company views the current situation not as a complete exit from Bitcoin, but rather as institutional investors taking positions in some altcoins where they see higher return potential following Bitcoin.
Wintermute concluded by stating that the crypto market has shown unexpected macroeconomic resilience, fully absorbing the impact of the Fed chairman’s hawkish statements and weakness in the US technology sector. In this environment, Bitcoin has stabilized after a strong rally, while institutional money has begun to more actively invest in altcoins.
*This is not investment advice.
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