Bitcoin has just had its strongest third quarter since 2017. According to Delphi Digital, as reported by Cointelegraph on Oct 5, 2026, keeping that rally going may be harder from here.
The reason is US Treasury yields, which are now above 5%. Delphi Digital's view is that at that level, government bonds become a more attractive option for investors than risk assets such as Bitcoin.
The report also notes some relief for Bitcoin. Weak US jobs data has lowered expectations that the Federal Reserve will raise rates again in October. The report adds that investors are still buying into the debasement trade.
The report does not say how Bitcoin's price has moved since the quarter ended. It also does not say whether money has actually moved from crypto into Treasuries, or what the Fed will decide in October.
For someone already holding a perpetual position on Bitget, Bybit, MEXC or OKX, this story changes nothing directly. It gives no figures on funding rates, trading fees or order-book liquidity on any exchange. Any effect on holding costs would only show up in those numbers, and the report gives none of them.
Source: cointelegraph — Treasury yields at 5% threaten extending Bitcoin’s best quarter since 2017
Price today: Bitcoin