The integration of spot exchange-traded funds has fundamentally reshaped digital asset market microstructures. Institutional capital flows remain heavily skewed toward benchmark tokens, altering historical asset correlation patterns across secondary markets.
Altcoin Spread Divergence
Trading desk data indicates that order book depth for non-benchmark tokens has declined by 22% over two quarters. Institutional risk models prioritize assets with regulated clearing mechanisms, constraining capital allocation to higher-beta digital assets.