According to Bloomberg, as risk appetite declines, small-cap tokens in the crypto market are experiencing significant capital outflows. OTC reports from market maker Wintermute show that the median rally cycle for altcoins in 2025 is only about 20 days, significantly shorter than the previous 40–60 days; since October, the open interest in altcoin futures has decreased by approximately 55%, corresponding to over $40 billion in exposure disappearing. Market participants are increasingly shifting their trading focus to more liquid assets such as Bitcoin and Ether, which are more closely correlated with macro factors.