Bitcoin retreats, Treasury drops rules, OKX draws investment | Weekly recap

In this week’s edition of the weekly recap, Bitcoin lost its early-October gains as U.S. exchange-traded funds recorded heavy withdrawals, while the Treasury abandoned two proposed crypto reporting rules. OKX added institutional investors at a $25 billion valuation, and Ethereum developers advanced the network’s next upgrade.

Summary

• Bitcoin recovered above $82,000 after falling toward $80,300, but remained lower over seven days.
• FinCEN withdrew proposed reporting rules covering self-custody wallets and foreign cryptocurrency mixing.
• OKX added Circle, Ripple, QRT and SC Ventures at a $25 billion pre-money valuation.
• Bitmine bought 15,112 ETH, raising its Ethereum treasury to more than 6 million tokens.
• IRS guidance preserved qualifying crypto trusts’ tax classification when staking assets under specified conditions.

Bitcoin slides as ETF withdrawals accelerate

• Bitcoin recovered above $82,000 on Oct. 9 after briefly approaching $80,300. CoinGecko placed BTC near $82,365 during the report’s price check, still roughly 5% lower over seven days. The rebound followed President Donald Trump’s statement ruling out attacks on Iran before the Nov. 3 midterm elections, although he said the U.S. blockade would remain.
• U.S. spot Bitcoin ETFs lost $484.9 million on Oct. 7, their largest daily withdrawal since June, followed by approximately $244 million on Oct. 8. BlackRock’s IBIT accounted for $207.7 million of the earlier withdrawal, according to Farside Investors.

Treasury abandons wallet and mixer proposals

• FinCEN withdrew two proposed rules through notices filed on Oct. 5. The 2020 wallet proposal would have required financial institutions to keep records for covered transfers above $3,000 and report transactions exceeding $10,000, including qualifying transfers involving self-custody wallets.
• The bureau also withdrew its 2023 foreign-mixing proposal and the related money laundering finding. FinCEN acknowledged concerns that its definition could discourage lawful activity and create substantial compliance costs. The agency said it would continue monitoring illicit finance, while Coin Center welcomed the withdrawals as a financial-privacy victory.

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OKX adds investors at $25 billion valuation

• OKX expanded its strategic investment round with Circle, Qube Research & Technologies, Ripple and Standard Chartered’s SC Ventures. Its Oct. 6 announcement valued the exchange at $25 billion before the new investment, extending the round started by Intercontinental Exchange in March.
• The four investors already work with OKX across stablecoins, liquidity and custody. CEO Star Xu said the capital would support growth and real-world asset tokenization. Earlier arrangements with ICE included plans for regulated U.S. futures infrastructure and tokenized NYSE equities, subject to regulatory approval.

Bitmine’s Ethereum treasury reaches 6.02 million ETH

• Bitmine added another 15,112 ETH, taking its holdings to 6,016,414 tokens in its Oct. 5 update. The company valued the position at approximately $16.4 billion and said it represented 4.9% of Ethereum’s supply.
• Its staked balance stood at 5,067,309 ETH, worth roughly $13.8 billion. Bitmine projected $363 million in annual staking revenue using its reported seven-day annualized yield of 2.63%.

IRS updates staking rules for qualifying trusts

• The IRS updated its staking framework on Oct. 6 through Revenue Procedure 2026-20. Eligible investment and grantor trusts can stake proof-of-stake assets while preserving their federal tax classification.
• Conditions cover exchange listings, custody, independent staking providers, and liquidity management. Rewards must generally reach holders within 60 days after the relevant quarter ends. The guidance addresses trust classification rather than granting a general tax exemption for staking income.

Ethereum tests Glamsterdam on Sepolia

• Ethereum’s Glamsterdam upgrade activated on the Sepolia testnet on Oct. 6, according to community contributor Pooja Ranjan. Testing included a 200 million gas limit, compared with roughly 60 million previously.
• The upgrade changes block production, execution, and gas accounting. Developers will use the results before setting the next testnet activation, while a final mainnet date remains unconfirmed.

Coinbase prepares U.S. access to Deribit options

• Coinbase announced its Deribit integration on Oct. 7 following an Oct. 1 account migration. Eligible U.S. institutions will access options through Coinbase Prime and its CFTC-regulated futures intermediary.
• Coinbase expected institutional options trading to become available in the coming weeks. Its retail rollout would begin with eligible customers outside the United States, followed by American retail access later in 2026.

Sui’s Hashi secures $500 million in commitments

• Sui Foundation announced Hashi’s launch coalition on Oct. 8, with more than $500 million in capital commitments and over 20 partners. A phased mainnet rollout was planned for later October.
• Anchorage Digital joined to provide institutional access through Atlas and Porto. Hashi will support Bitcoin-backed financial products on Sui; the committed capital represents planned backing rather than funds already deposited into live contracts.

Ripple Prime expands its Brevan Howard agreement

• Ripple expanded its brokerage agreement with Brevan Howard, which oversees approximately $35 billion. The Oct. 6 announcement covered multi-asset prime brokerage, clearing and financing across traditional and digital markets.
• Brevan Howard’s operations chief Alan McGroarty said the platform was expected to improve operational ease and capital efficiency. Funds managed by its affiliates had previously participated in Ripple’s 2025 strategic investment.

CFTC seeks input on federal crypto trading frameworks

• The CFTC opened a public consultation on Regulation CTX and Regulation CAM on Oct. 5. Written comments are due within 60 days of Federal Register publication.
• Chair Michael Selig described a potential federal registration route for exchanges offering leveraged, margined or financed retail crypto transactions. He said compulsory registration would require congressional action, distinguishing the consultation from an adopted market-wide framework.

Winklevoss proposes a spot Zcash ETF

• Winklevoss Asset Services filed a Zcash application with the SEC on Oct. 6, proposing a Nasdaq-listed spot ETF under WINK. Gemini Trust Company would custody its ZEC.
• The filing specifies cash-based share creations and redemptions, with the fund holding Zcash directly. Trading remains subject to regulatory clearance, and the application does not establish a launch date.

Mashinsky accepts lifetime industry ban

• Former Celsius CEO Alex Mashinsky agreed to lifetime restrictions under a New York settlement announced Oct. 9. The agreement bars him from the cryptocurrency, securities and commodities industries.
• Attorney General Letitia James said conditional payments could total $35 million, depending on additional federal forfeiture and whether he serves his full prison sentence. The settlement resolves the state’s 2023 civil lawsuit over Celsius’s promotion.

ESMA sets stablecoin remediation deadline

• ESMA set a January deadline for clearing remaining exposure to non-MiCA-compliant stablecoins at authorized EU crypto firms. Its Oct. 8 opinion gives national regulators until Jan. 8, 2027 at the latest.
• Regulators may permit temporary liquidation, conversion, withdrawal and safekeeping services for existing customers. ESMA said firms should stop services that allow clients to acquire or increase exposure to affected tokens.

XRP Ledger activates bundled transactions

• XRP Ledger activated its Batch feature on mainnet with support from 30 of 35 validators, according to XRPScan amendment data. Users can combine two to eight transactions in one operation.
• Official documentation specifies four execution modes, including an all-or-nothing option for linked transfers. Other modes allow one successful action, processing until failure, or independent attempts at each included transaction.

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