Key facts
- Bitcoin reached $86,500 on Tuesday, contributing to a 14% weekly increase.
- Total cryptocurrency market capitalization surpassed $3 trillion.
- Spot Bitcoin ETFs attracted $999 million in net inflows on Monday and $715 million on Tuesday.
- Ethereum reached $2,750, and Solana pushed to $120.
- Brent crude oil briefly traded below $98, and WTI below $93.
- CME is set to launch Bitcoin Cash and Uniswap futures on October 19.
Bitcoin prices surged past $86,500 on Tuesday, marking a significant weekly gain of approximately 14% and propelling the total cryptocurrency market capitalization above $3 trillion. This rally was partly fueled by substantial inflows into spot Bitcoin Exchange-Traded Funds (ETFs), which recorded $999 million on Monday and an additional $715 million on Tuesday. Many altcoins also saw gains, with Ethereum reaching $2,750 and Solana hitting $120.
In parallel, oil prices experienced a downturn, with Brent crude briefly slipping below $98 and West Texas Intermediate (WTI) falling under $93, the lowest levels since September 8. Reports suggested Iran offered to reopen the Strait of Hormuz in exchange for eased US pressure, while President Trump anticipated a deal post-November midterms and Saudi Arabia worked to restart its East-West pipeline.
Market structure clarity from the SEC and CFTC, coupled with a boom in tokenization, is setting the stage for a potential crypto bull market, according to market observers. Robinhood CEO Vlad Tenev's demonstrations of tokenized stocks on Robinhood Chain are seen as a leading indicator. The CME is also set to introduce Bitcoin Cash and Uniswap futures on October 19, pending regulatory review.
In other digital asset news, Zcash (ZEC) and Hype (HYPE) hit new all-time highs. The SEC has proposed new crypto custody rules for broker-dealers and investment companies. Coinbase is developing post-quantum custody solutions for its assets. BlackRock released a whitepaper suggesting AI agents will require machine-native settlement rails, with stablecoins likely to lead.