Wintermute Says Crypto Bull Cycle Far From Over

Against a backdrop of rising U.S. Treasury yields, crypto investors are questioning whether the current bull cycle has passed them by. Market maker Wintermute disagrees, asserting that the global uptrend in digital assets is still in its early stages. While short-term consolidation may be expected for altcoins like NEAR and XRP, the long-term outlook remains bullish.

As of October 2026, Bitcoin (BTC) was up 2.4% for the week, trading at $86,100. The cryptocurrency maintained key support at $82,500, with the next target set between $90,000 and $95,000. However, Bitcoin's movement is increasingly tied to traditional market conditions, particularly U.S. Treasury yields, which recently hit multi-year highs. This correlation introduces potential risks if stock markets decline.

Wintermute notes that while strong altcoins like NEAR and XRP have entered a consolidation phase, low-quality tokens are experiencing unsustainable surges. The market maker warns that buying these lesser-known assets at this stage is a common trap for late investors. The current lull in top altcoins is seen as a healthy sign for the broader market.

The firm also highlights that the market is undergoing a rotation, with new technology-driven tokens gaining prominence over older heavyweights. This shift echoes patterns from previous cycles, suggesting that altcoins could establish themselves as blue-chip assets. The market appears to be waiting for the U.S. midterm elections on November 3, which may reduce uncertainty around Treasury bonds and pave the way for further gains.