[Digital Today intern reporter Seungah Yoo] As pressure builds in the U.S. Treasury market, an analysis said it is not too late to enter bitcoin and major altcoins. It also said the altcoin rally over the past three months is entering a mature phase, and major altcoins such as Near and Ripple's XRP could take a short-term breather.

On Oct. 6 (local time), blockchain outlet U.Today reported that market maker Wintermute said in a recent report that the global digital asset bull market is still in an early stage. Wintermute warned that a localized upswing is close to being exhausted and that buying low-quality altcoins late could be risky. It said the recent stagnation in Near and XRP amounts to a healthy correction.

Bitcoin rose 2.4 percent on the week to $86,100. Breaking above the recent $76,000 to $82,500 range and confirming $82,500 as support was cited as a key achievement. The next upside target zone is $90,000 to $95,000. That area overlaps with levels where bitcoin was pushed back by profit-taking supply at $94,000 to $96,000 earlier this year.

Whether bitcoin rises further is increasingly likely to depend on conditions in traditional financial markets rather than crypto-specific factors. The U.S. 10-year Treasury yield rose to about 5.35 percent and the 30-year yield to 5.6 percent, the highest levels since 2008. As the correlation between bitcoin and the S&P 500 has risen again, the analysis said macroeconomic risks tied to stock market declines have increased.

Altcoins showed mixed moves. The altcoin index fell 1.1 percent on the week, posting its first weekly decline since early August. As projects with strong fundamentals moved sideways over the past 14 days, funds shifted to low-market-cap, low-quality tokens. The report said there has been buying of lower-tier altcoins simply because they have not yet risen.

Wintermute is analyzing the market's longer-term direction by tracking changes in the composition of the top 250 cryptocurrencies. It said that after themes tied to DePIN and artificial intelligence (AI) gained attention in 2024 and AI agents emerged in early 2025, new technology-related names in October 2026 are replacing established large-cap names, steadily increasing the share of higher-quality market capitalization. It said altcoins could also establish themselves as new blue chips in this bull market.

Wintermute cited the U.S. midterm elections on Nov. 3 as a key variable. It said if uncertainty in the U.S. Treasury market eases around the election and long-term yields stabilize, conditions for further gains could emerge. Wintermute also stressed that a cautious approach is needed rather than chasing low-quality altcoins.