Wintermute Says Crypto Bull Cycle Just Beginning Despite Altcoin Lull

Market maker Wintermute has asserted that the current crypto bull cycle is still in its early stages, despite recent stalls in top altcoins like NEAR, XRP, and ARB. The firm's report comes as investors question whether they have missed the optimal entry point amid pressure from the U.S. debt market. Wintermute argues that while short-term consolidation is underway, the broader upward trend in digital assets has considerable room to grow.

As of October 2026, Bitcoin (BTC) is up 2.4% for the week, trading at $86,100. The cryptocurrency has found support at $82,500, with the next key resistance level between $90,000 and $95,000. However, BTC's movement is increasingly influenced by traditional financial markets, particularly yields on U.S. Treasuries, which have surged to multi-year highs. This correlation introduces potential risks if broader economic conditions deteriorate.

Wintermute notes that while strong altcoins like NEAR and XRP are experiencing sideways movement, speculative low-cap tokens are seeing dangerous surges. The firm warns that buying such assets at this stage could be a trap for latecomers. Instead, the current lull in NEAR and XRP is seen as a healthy consolidation phase, supporting the view that the bull cycle is far from over.

The market is also watching for a shift in U.S. midterm elections on November 3, which could reduce uncertainty around Treasury bonds and pave the way for new highs. Wintermute's analysis of the top 250 cryptocurrencies suggests that high-quality projects are replacing older market leaders, mirroring patterns from previous cycles.