Bond market warnings intensify: 5 altcoins worth holding before risky assets come under greater pres

Disclaimer: Content does not constitute investment advice. Trading involves risks—please invest with caution!

美债收益率飙升，加密市场分化加剧

美国30年期国债收益率已攀升至逾二十年来的最高水平，给金融市场带来了新的压力。在宏观环境趋紧的背景下，Solana和Avalanche持续推进机构及网络基础设施建设；Cardano与Sui致力于网络发展，而Dogecoin则面临其美国ETF产品需求疲软的挑战。

美国国债市场的最新动向再次将焦点集中在借贷成本、流动性以及风险资产吸收更紧缩金融条件的能力上。30年期国债收益率创下20多年新高，使得那些高度依赖投资者风险偏好的资产面临更为严峻的环境。

长期收益率走高将对市场产生多重影响：政府债务融资成本增加，企业借贷利率可能上升，且除非投资回报更高，否则投资者可能不愿购买高波动性资产。这种更加谨慎的资金流向也会波及加密货币市场，因为大多数数字资产相较于其他固定收益类资产具有更高的波动性。

对于加密货币市场而言，关键在于高收益率是否能持续足够长的时间，从而抑制市场的流动性和投机需求。这将使各个项目的网络发展成为关注焦点，拥有活跃生态系统和日益增长应用场景的项目，可能会面临不同于仅受市场情绪驱动或纯粹被收购的代币的发展条件。

Solana：强化机构基础设施

When Solana (SOL) entered the current market environment, in addition to price speculation, it also made a number of substantive developments. The "Project Harmonia" project announced in September connects Solana with Allfunds, a major fund distribution network serving more than 3,30 asset managers and financial institutions around the world. The initiative aims to provide tokenized funds through existing distribution channels. In addition, Solana reported that it has more than $4 billion in institutional real-world assets (RWAs) on its network, further consolidating its institutional use narrative.

Dogecoin: ETF outlook bleak

Dogecoin (DOGE) remains one of the most recognized alternative currencies, but its recent institutional performance has been weak. Bitwise announced that its Dogecoin ETF will be liquidated and the transaction is expected to close in October. As of September 10, the cumulative net inflow tracking the Dogecoin ETF in the United States was only about US$12 million, much lower than the capital inflow of Solana-related products.

Avalanche: Promoting network upgrades

Avalanche (AVAX) has recently focused on improving network performance and pledge economics. The Helicon upgrade, which went online in September, introduced changes designed to improve transaction processing and provide more consistency during network activity. The upgrade also modifies several mechanisms related to pledges, including commitment periods and verifier economics. These changes are designed to make Avalanche's infrastructure more practical to businesses and network participants.

Cardano: Experiencing governance transformation

Cardano (ADA) and its development work, which once attracted little attention, are now in October. According to reports, its ecosystem has been decentralized from its original leaders and is gradually maturing. Despite a solid September performance, ADA quickly entered a selling phase as macro conditions deteriorated in October. Although online activity remained, macro factors quickly changed the situation, causing the ADA to face selling pressure again in October, despite its previous good performance.

Sui: Continue to build ecosystems

Sui (SUI) remains active in various areas of the blockchain industry, including decentralized finance, games, infrastructure, etc. In recent ecosystem reports, we have seen continued growth in different areas, rather than being limited to one or two application scenarios. In addition, SUI has recently regained its footing at the US$1 barrier, bringing it back into market view, as traders are assessing the market strength of other alternative currencies in the face of stricter financial conditions.

Bond yields remain a key macro variable

As a result, the government bond market is becoming an increasingly important indicator for cryptocurrency investors. If long-term yields remain high, risky assets may continue to face pressure from tighter financial conditions.

However, for SOL, DOGE, AVAX, ADA, and SUI, network activity and adoption rates remain independent factors that affect their respective performance. The combination of macroeconomic pressures and project-specific developments is likely to determine which altcoins will maintain investor attention by the end of the fourth quarter of 2026.