Good morning, everyone.
It’s your Daily Crypto News. My name is Matt. It’s Tuesday, October 6th, 2026.
And we have Bitcoin news. We have crypto news. That’s why we’re Daily Crypto News.
Bitcoin got rejected from $87,000 again.
Not happy about this.
The 10-year Treasury is sitting around 5.3%, the 2-year is around 4.8%, and Brent crude is back around $98 a barrel.
Markets are now putting roughly a 78% probability on the Fed leaving rates unchanged at its next meeting. Again, I don’t really understand why they would, but whatever.
Bitcoin ETFs also turned negative Monday with approximately $89.8 million in net outflows.
Boo.
But it’s okay. We’ve had some enormous inflows, so one negative day isn’t the end of the world.
For Bitcoin, I keep coming back to the same thing.
We have to break $87K.
And to be perfectly honest, I think we need to get above $90K, or at least touch it, and then start using $86K to $87K as the floor.
If we don’t, it doesn’t really matter.
We’re still in the same channel.
We love going sideways.
Although we’ve been going up and then sideways, so technically that’s better.
All right, cool.
Let’s get into it.
Solana Builds for Institutions as Tokenization Moves Into Private Markets
The Solana Foundation launched Solana DvP, an open-source delivery-versus-payment system designed to allow institutions to settle trades automatically onchain in seconds rather than waiting days for traditional settlement.
JPMorgan provided input into the design.
Delivery versus payment basically means that the asset and the payment change hands simultaneously. You’re reducing the settlement risk created when one side of a transaction completes before the other.
Literally what crypto was designed to do.
This is the entire idea of having a system where you don’t have to trust that one side is going to do what it promised after the other side already performed.
And I love that JPMorgan is involved in this.
I’m telling you, one day it’s going to come out that Jamie Dimon is the biggest Bitcoin holder on Earth.
He’s going to be like, “Yeah, I’ve actually been holding a million Bitcoin the entire time. I just shit on it for ten years because I wanted to buy the dip.”
I’m joking.
Probably.
Tokenization is also moving into an entirely different market.
Ondo Finance is bringing pre-IPO private-company exposure onchain.
Ondo launched tokenized notes designed to provide economic exposure to private companies before they go public, beginning with the AI sector. The products are designed to trade 24/7 on secondary markets, with their eventual payouts tied to the value realized by the referenced company’s shares at a qualifying liquidity event.
And that’s where I have questions.
This isn’t necessarily the same thing as actually owning private-company equity.
That’s the distinction I want to understand.
If I’m buying a token tied to the value of a private company, do I actually own part of that company?
Or do I own a financial instrument designed to replicate the economic performance of that company’s shares?
If the company goes public, does my token somehow convert into actual public shares?
Or does the note simply settle based on the value of those shares?
Those mechanics matter.
But either way, we’re moving into another stage of tokenization.
We’ve already seen tokenized Treasuries.
We’ve seen tokenized funds.
We’ve seen tokenized public stocks.
Now we’re moving into private-market exposure.
That’s a big deal.
Spiko is another company growing quickly in this space. The tokenized cash-fund manager raised $90 million, bringing its total capital raised to approximately $120 million. The company now manages roughly $2.7 billion in tokenized cash funds and plans to use the new capital to expand into additional markets.
This stuff just keeps moving.
Corporate Crypto Treasuries Keep Buying
Corporate crypto treasuries aren’t slowing down either.
Strategy bought another 334 Bitcoin for approximately $29 million.
Strive made a much larger purchase, adding another 2,000 Bitcoin, its biggest acquisition since June.
And BitMine added another 15,112 ETH, pushing its Ethereum holdings above 6 million ETH, representing roughly 4.9% of Ethereum’s circulating supply.
Think about that for a second.
One public company is approaching 5% of the entire ETH supply.
We talk constantly about ETFs and institutional adoption, but corporate treasury accumulation is another source of demand that continues removing assets from the market.
And these companies keep buying.
The CFTC Starts Building a Federal Crypto Framework Without Congress
Now we get into the regulatory stuff.
The CFTC published an advanced notice of proposed rulemaking laying the groundwork for a federal regulatory framework covering leveraged, margined and financed retail crypto transactions.
The basic idea is to begin creating a uniform federal framework rather than forcing crypto companies to rely entirely on a patchwork of state-level requirements.
The framework would be particularly relevant to exchanges offering retail leverage or margin, with potential requirements around customer protection, market manipulation and reserves.
And CFTC Chairman Michael Selig is making an important argument.
Congress isn’t necessarily the only route anymore.
His position is that the CFTC and SEC already possess statutory authority that allows them to begin establishing federal crypto rules even though Congress failed to pass the CLARITY Act.
And this is where I have mixed feelings.
Let’s assume for the sake of argument that I agree with every single rule these agencies create.
Great.
We finally have rules.
Companies know what they’re allowed to do.
Consumers know what protections exist.
Everybody can start building.
But there’s still a problem.
Regulation is not the same thing as legislation.
An agency can create a regulatory framework under one administration, and then another administration comes in with a completely different philosophy.
Enforcement priorities change.
Interpretations change.
Rules can change.
Loopholes can be treated differently.
That’s why Congress still matters.
Democracy is messy.
Congress is slow.
Congress can be a limp-wiener, feckless institution that seemingly can’t do anything.
But legislation creates something more durable than an agency deciding how it interprets existing authority.
And that’s what worries me.
The agencies may create exactly the rules crypto needs today.
But what happens when a different administration comes in five years from now?
What happens if the people running those agencies don’t understand the technology as well?
What happens if their priorities completely change?
That’s why comprehensive legislation still matters.
So when everything eventually goes tits up, blame Congress.
FinCEN Backs Away From Broad Self-Custody Reporting Rules
We also got an important development around self-custody.
FinCEN officially withdrew a proposed rule dating back to 2020 that would have imposed additional reporting, recordkeeping and identity-verification requirements on certain transactions involving unhosted or self-custody wallets.
The original proposal would have required banks and money-services businesses to report certain transactions above $10,000 involving private wallets and maintain records for certain transactions above $3,000.
FinCEN also withdrew its 2023 proposal that would have treated convertible virtual currency mixing as a broad class of transactions of primary money-laundering concern.
That doesn’t mean the government suddenly doesn’t care about illicit crypto activity.
Treasury can still target specific mixers, sanctioned entities and laundering networks.
The difference is between targeting specific illicit activity and creating broad reporting requirements that affect huge categories of legitimate users.
And I think that’s an important distinction, particularly when we’re talking about self-custody.
ZachXBT Says He Infiltrated a Lazarus-Linked Laundering Network
This next story is wild.
Every time I see ZachXBT in a headline, I’m interested because this person does some incredible blockchain investigative work.
And I say “this person” because ZachXBT is pseudonymous.
ZachXBT says he personally fronted roughly $350,000 while posing as a client to infiltrate a Chinese organized-crime network allegedly laundering crypto connected to North Korea’s Lazarus Group.
According to ZachXBT, the network handled more than $1 billion connected to multiple Lazarus-linked crypto exploits.
The intelligence gathered during the operation reportedly helped trace and freeze funds connected to the massive Bybit hack and identify additional illicit wallets.
If accurate, that’s fucking wild.
Think about the commitment involved here.
You’re not just sitting behind a computer looking at wallet addresses.
You’re putting up $350,000 and posing as a customer of an organized laundering operation to get inside the network.
That’s a completely different level of blockchain investigation.
It also shows something important about crypto investigations.
The blockchain gives investigators a public ledger.
But the blockchain alone doesn’t solve everything.
You still need traditional investigative work, undercover techniques, intelligence gathering and people connecting identities and organizations to what is happening onchain.
Also, ZachXBT apparently has $350,000 sitting around to throw into an undercover operation.
Tree fiddy.
Ethereum Tests Glamsterdam as Bond Volatility Sends a Warning
Ethereum’s Glamsterdam upgrade activates on the Sepolia testnet today.
The test is part of Ethereum’s next round of scaling and infrastructure improvements, with developers using Sepolia to see how the changes perform before anything eventually reaches mainnet.
Meanwhile, smaller altcoins have been outperforming while Bitcoin continues moving sideways.
But there’s something happening in the bond market that I’m watching.
The MOVE Index, which is essentially a measure of expected volatility in the Treasury market, has jumped while equity volatility and Bitcoin volatility remain comparatively subdued.
What does that mean?
We’ll see.
But if the bond market is suddenly pricing significantly more uncertainty while Bitcoin is sitting around $86K acting like nothing is happening, that’s worth watching.
Today, I’m watching Treasury yields.
I’m watching oil.
And I’m watching Bitcoin at $87K.
Crypto Prices
Bitcoin is sitting around $86,290, basically flat over the last 24 hours.
And by the way, CoinMarketCap has this little Flappy Bird game where you’re trying to keep the bird inside the Bollinger Bands by pressing the space bar.
It is ridiculously hard.
I don’t know why anybody plays this.
Ethereum is around $2,713, basically even from yesterday.
USDT remains number three.
BNB is around $785, down approximately 0.6%.
XRP is approximately $1.51, basically flat.
USDC remains number six.
Solana is around $120, essentially unchanged.
TRON is approximately $0.335, down around 0.4%.
Hyperliquid is around $93.64, up approximately 0.8%.
Zcash is around $1,370, up approximately 3%.
Total Crypto Market Cap: approximately $2.93 trillion.
Fear & Greed: 68, Greed.
My Take
Bitcoin is frustrating me.
We’re right back at the same level we’ve been talking about.
Break $87K.
That’s it.
Yesterday, Craig Cobb walked through why that area is important technically. Today, we’re sitting around $86K after getting rejected again.
I don’t want another little wick above $87K and then right back down.
I want Bitcoin to get through it.
Then I want to see $90K.
And ultimately, I want $86K to $87K to become support instead of resistance.
Until that happens, we’re still basically in the same channel.
The bigger story today, though, is tokenization.
Solana is building institutional settlement infrastructure with input from JPMorgan.
Ondo is moving private-market exposure onchain.
Spiko has billions of dollars in tokenized cash funds.
Corporate treasuries continue accumulating Bitcoin and Ethereum.
This isn’t theoretical anymore.
We’re watching different pieces of traditional finance move onto blockchain infrastructure one at a time.
The regulatory side is more complicated.
I like that the CFTC and SEC aren’t sitting around doing nothing just because Congress failed to pass CLARITY.
The industry needs rules.
But I don’t think agency rulemaking is a complete substitute for legislation.
You want rules that survive administrations.
You want companies to know that the entire regulatory framework isn’t going to flip every four years depending on who’s sitting in the White House.
That’s Congress’s job.
So agencies moving forward is good.
Congress continuing to sit there doing nothing is not.
For Bitcoin, though, I have one request.
Break fucking $87K.
Have a great day.